MEMORANDUM OF ASSOCIATION OF MAHARASHTRA STATE POLICE HOUSING AND WELFARE CORPORATION LIMITED


I. The name of the Company in MAHARASHTRA STATE POLICE HOUSING AND WELFARE CORPORATION LIMITED.
II. The Registered Office of the Company will be situated in the State of Maharashtra.
III. The objects for which the Company is established are

(A) Main objects of the Company, THE MAHARASHTRA STATE POLICE HOUSING AND WELFARE CORPORATION LIMITED (hereafter referred as the Corporation) to be pursued on incorporation:

1. To prepare a broader policy framework and acceptable normative standards for construction, maintenance, repair, development, redevelopment and disposal of land and physical infrastructures of administrative and executive buildings, housing projects, execution of housing and development schemes, projects for welfare activities etc. and all such allied activities for constituent and affiliated offices of Home Department, Government of Maharashtra including, but not limited to Police and Prison Departments.

2. To take up any such activity as directed by Government of Maharashtra.

3. To construct, maintain, repair, develop, redevelop and dispose off all physical infrastructure described supra and to acquire land, buildings and/or any other property necessary by purchase, exchange, lease, transfer or any other means for carrying its objectives.

4. To purchase, take or lease, transfer or in exchange, hire or acquire any property, whether movable or immovable and any rights or privileges, which the Corporation may think necessary or convenient for the purpose of fulfilling of its objectives.

5. To be the nodal agency to decide dynamic allocation of the physical infrastructure belonging to constituent and affiliated offices of Home Department, Government of Maharashtra including, but not limited to Police and Prison Departments. However, providing protection and security to all the infrastructures and land constructed, acquired, procured or leased, as the case may be, shall be the sole responsibility of the respective Unit Commanders.

6. (a)(i) To establish, operationalize and maintain educational and training institutions, health care establishments, recreation and public entertainment facilities including hotels, restaurants, shopping complexes etc., which include but are not limited to building or buildings or units contained therein, by sale, lease or otherwise in consideration of the price or premium or rent payable to the Corporation, transport services and all such allied activities for the benefit of the existing employees and the families of constituent and affiliated offices of Home Department, Government of Maharashtra including, but not limited to Police and Prison Departments.
(ii) To guide extant and retired employees of constituent and affiliated offices of Home Department, Government of Maharashtra to acquire, construct, develop, redevelop co operative housing societies by charging fees.
(b) To outsource, sell, improve, manage, develop, exchange, transfer, lease, mortgage, enfranchise, maintain and to deal with all or any part of the property and rights of the Corporation.

7. To procure, acquire, and arrange for all physical, intellectual and financial capital and wherewithal in furtherance of its objectives.


(B) Matters which are necessary for furtherance of the Objects specified in Clause III (A) are,

8. To raise funds necessary for the above and other allied objectives by issue of share capital, securing loans from Government and other sources, including financial institutions and banks, to arrange for their utilization and proper repayment, and to obtain the grants available from the Central or/and State Government.

9. To borrow or raise money from the issue of or upon bonds, debentures, bills of exchange, promissory notes or other obligations or securities of the Corporation, or by mortgage, hypothecation, pledge or charge of all or any part of the property of the Corporation or in such other manner as deemed fit.

10. To grant loans to serving employees of the constituent and affiliated offices of Home Department, Government of Maharashtra including, but not limited to Police and Prison Department for purchase of lands and buildings or for construction and repairs or dwelling and their appurtenances.

11. To enter into contracts with persons, institutions or organization to carry out its objectives.

12. To enter into any arrangement with the Government of Maharashtra, Government of India, Government of any other State or corporate body or local authority, or any person or institution for the purposes of carrying out its objectives or in furtherance of its interest and to obtain from such Government, local authority, corporate body or person, any charters, subsidies, loans, indemnities, grants, contracts, licenses rights, concessions, privileges or immunities which it deems fit.

13. To make, draw, accept, endorse, discount, execute, issue and negotiate cheques, bills of exchange, promissory notes, debentures and other negotiable or transferable instruments (but not to do the business of banking as defined in the Banking Companies Act, 1949 (Central Act 10 of 1949).

14. To invest any moneys of the Corporation not for the time being required for any of the purpose of the Corporation in any instrument, as may be considered proper, to hold or otherwise deal with such investments.

15. To receive money on deposit and to lend money and or give such help whether monetary or otherwise and on such terms and conditions with or without interest to such persons, organizations and/or companies and on such terms as may seem expedient.

16. To enter into partnership or into any arrangements for sharing profits, union of interests, cooperation, joint venture, reciprocal concessions, or otherwise, with any person or company or companies or institution carrying on or engaged in or about to carry on, or engage in any business or transaction which this Corporation is authorized to carry on, engage in or any business or transaction capable of being conducted so as directly or indirectly to benefit this Corporation. And to lend money to, guarantee the contracts of, or otherwise assist, any such person, firm, organization or company and to take or otherwise acquire shares and securities of any such company and to sell, hold, reissue, with or without guarantee, or otherwise deal with the same.

17. To establish or to subscribe or contribute guarantee money or to give donation to any charitable, benevolent, religious, scientific or national trusts, funds, associations, and institutions and to any other useful object, purpose, fund, institution of a public character, which in the opinion of the Board of Directors is likely to promote the interests of the business of the Corporation or to further its objectives or to increase its repute or popularity among its employees, its customers, or the public.

18. To undertake or assist in investigation of problems concerning employees (including their families) of the constituent and affiliated offices of Home Department, Government of Maharashtra including, but not limited to Police and Prison Departments of the State of Maharashtra or concerning their social and economic development in general and to prepare or cause to be prepared project and other reports and statistics useful to such investigations.

19. To establish, support and aid in the establishment of associations, institutions, funds, trusts and conveniences formed for the benefit the employees of the constituent and affiliated offices of Home Department, Government of Maharashtra including, but not limited to the Police Department and Prison Department and their dependents and to grant pensions and allowances. To make payments towards the life and accident insurance for them.

20. To undertake, provide for, conduct and subsidize research and studies whether social, scientific or technical for improving its deliverables.

21. To formulate and execute schemes or measures for social and economic welfare of employees of constituent and affiliated offices (including their families) of Home Department, Government of Maharashtra including, but not limited to Police and Prison Departments as well as for the employees of MSPH and WC Ltd.

22. To provide drainage facilities, lighting, lying of roads, paths and parks etc. in the construction and for housing schemes formulated, propounded, executed or adopted by the Corporation.

23. To provide facilities for communication and transport for the benefit of residents and persons employed in the said schemes.

24. To refer to all questions, disputes or differences (whether present or future) arising between the Corporation and any other person or organizations in connection with or in respect to any matter, either related to the business or affairs of the Corporation or otherwise either in India or abroad in such manner and upon such terms and conditions as the Corporation and such other person may mutually agreed upon. Reference to arbitration may be made in accordance with the provisions of any law in India relating to arbitration or in accordance with any other foreign system of law or in accordance with the rules of any chamber of commerce, both in India and abroad.

25. Subject to the provisions of the Companies Act, 2013, or any other enactment in force, to indemnify and keep indemnified members, officers, directors, agents, employees and servants of the Corporation against proceedings, costs, damages, claims and demands in respects of anything done or ordered to be done by them for and in the interest of the Corporation and for any loss, damage or misfortune whatever which shall happen in the execution of the duties of their office or in relation thereto.

26. To undertake all other acts, matters and things as may appear to be incidental or conducive to the attainment of the above objectives or any of them or consequential upon the exercise of its powers or discharges of its duties, and for the general efficiency of its schemes.

27. To form or incorporate Co operative Societies for the constituent and affiliated offices of Home Department, Government of Maharashtra including, but not limited to Police and Prison Departments of the State of Maharashtra as well as for the employees of MSPH and WC Ltd. and to give flats, houses, buildings, residential premises, dwelling houses on ownership basis, or hire purchase basis or such other beneficial manner, subject to all statutes in force.


IV. The liability of the members is limited and this liability is limited to the amount unpaid, if any on the shares held by them.

V. The authorised share capital of the Company is Rs. 10,00,00,000/ (Rs. Ten Crores Only) divided into 1,00,000/ (Rs. One Lacs Only) equity shares of Rs. 1,000/ (Rs. One Thousand) each, with rights, privileges and conditions attaching thereto as may be provided by the Articles of Association of the Company, with power to increase or reduce the capital and to divide the shares into several classes and attaching thereto such preferential and other rights as may be determined by or in accordance with the Article of Association of the Company.