Srinagar: J&K government has created a company ‘Jammu and Kashmir Forest Development Corporation’ which will take over all the assets and liabilities of the erstwhile J&K State Forest Corporation which ceased to exist under the J&K Reorganization Act, 2020.

The development is among today’s major news pieces in Kashmir and signifies how even during Coronavirus pandemic, the major administrative and political changes continue to happen in J&K in the backdrop of Article 370 abrogation last year.

“…sanction  is hereby accorded to the creation of company namely “Jammu and Kashmir Forest Development Corporation” hereinafter referred to as J&K FDC, with all assets and liabilities of the J&K State Forest Corporation as on 31^st March 2020, under the Companies Act, 2013,” read an official order.

Signed by Additional Secretary to the government, Rohit Sharma, the order stated that the authorized share capital of J&KFDC shall be Rs 10 crore rupees, divided into Rs 1 lakh equity shares of Rs 1000 each.

 “All shares except two shall be held by the Lieutenant Governor of Union Territory of Jammu and Kashmir. One share each shall be held by Administrative Secretary of Department of Forest, Ecology, and Environment and Administrative Secretary of the Finance Department,” the order reads.

The Board of Directors of J&KFDC, as per the order, shall comprise of Administrative Secretary of Department of Forest, Ecology and Environment (Chairman), five Directors including Administrative Secretaries of Finance, Tribal Affairs, Industries & Commerce, Rural Development, and Principal Conservator of Forests, J&K, and Managing Director J&KFDC as its Member Secretary.

The order stated that the permanent staff of the erstwhile J&K State Forest Corporation “shall continue with the J&K Forest Development Corporation under the existing terms and conditions of services till the time regulations of the J&K Forest Development Corporation are framed and come into force.”