The Companies Act, 1956
A Govt. Company Not for Profit
U/S 25 of the Companies Act, 1956
Memorandum of Association of
Himachal Pradesh Minorities Finance and
Development Corporation.

1. The name of the Company is HIMACHAL PRADESH MINORITIES FINANCE AND DEVELOPMENT CORPORATION.

II. The registered office of the Company shall be situated in the State of Himachal Pradesh.

III. The objects for which the company is established are:-

A.  The main objects to be pursued by the Company on the incorporation of the Company are:-   

1. To do and undertake the task of Social, economic and educational upliftment of the socially and educationally back ward minorities and other economically weaker section among the minorities in the State.

2. To arrange training programmes for the promotion and improvement of Literacy, Education and professional skills of the aforesaid classes and sections so as to promote their social and economic development and also to collect compile and publish the related data for the aforesaid classes and sections.

3. To provide and arrange financial assistance and professional know-how to the aforesaid classes and sections for their cooperative and other organization undertaking, Agricultural Developments, Animal Husbandry, Marketing, Processing, Supply and storage of produce, Small Village and Cottage Industries and other self employment programme.

4. To co-ordinate with the financial institutions, Sectorial Developments and other related bodies for arranging maximum facilities to the eligible beneficiaries and to co-ordinate monitor, inspect and control  the activities of the individual beneficiaries who are inducted to the corporation and for whom the loans have been arranged by it.

5. To provide facilities for conducting surveys and research studies of problems related to Cottage and Village Industries, small Business to assess potentialities for Village and Cottage and small scale industries and scope of their development with a view to promote such industries  and business for the purpose of providing employment opportunities to the aforesaid classes and sections.

6.  (a) To promote economic developmental activities for the benefit of the handicapped persons.

(b)  To promote self-employment and other ventures for the benefit/economic rehabilitation of the handicapped persons;

(c)  To assist, subject to such income and/or economic criteria as may be prescribed by the Government from time to time, the handicapped individuals or groups of handicapped individuals by way of loans and advances for economically and financially viable schemes and projects.

(d)  To grant concessional finance to selected cases for the handicapped persons in the State in collaboration with H.P. Government Departments to the extent of the budgetary assistance granted by the Government of India to the company.

(e)  To extend loans to the handicapped for pursuing general/professional/technical education for training at graduate and higher levels.

(f)   To assist in the up-gradation of technical and entrepreneurial skills of handicapped persons for proper and efficient management of production units.

(g)   To set up training, quality control, process development, technology, common facility centers and other infrastructural activities for the proper rehabilitation/upliftment of the handicapped persons in support of their economic pursuits.

(h)   To assist the NGOs within the State to deal with the development of the handicapped persons by way of providing financial assistance and in obtaining commercial funding or by way of refinancing.

(i)    Work as an apex institution for channelising the funds through National Handicapped Development & Finance Corporation, Faridabad for the handicapped as authorized by the State Government and set up by the State Government.

(j)    Assist self-employed individuals/group of individuals or registered factories/companies/cooperatives of disabled persons in marketing their finished goods and assist in procurement of raw materials.

(k)   To develop, operate and implement specific pilot programmes, projects and schemes in support of promotion of self-employment, economic activities of the handicapped persons with a view to introducing innovations technological up-gradation and bridging the critical gaps of infrastructure, input supply, output processing and marketing.

(l)      To undertake and/or support technically, managerially or financially research and evaluation studies, techno-economic and related survey, preparation and appraisal of project report and documents, feasibility and other studies for developing viable programmes, projects, schemes for the benefits of handicapped.

(m)   To establish, maintain subscribe or to subsidies or become member of training institutions, research laboratories, research institutions and experimental experiments.

B   The objects incidental or ancillary to the attainment of the main objects are:-

1. To co-ordinate, monitor, supervise and control the activities of the individual indebted to the company or she obtain supplies and /or services from the company.

2. To promote and establish companies, Co-operative societies, Associations or other suitable organization for achieving any of the objects of the company.

3. To enter into partnership or into arrangements for share of profit, union of interests, Co-operation, Joint venture, reciprocal concessions or otherwise, with any Government, Local body, authority, persons or company(ies) carrying on or engaged in or about to carry on or engage in any business or transaction which this Company is authorized to of being conducted so as, directly or indirectly to benefit the company and to take or other wise acquire shares with the same.

4. To receive grants, loans advance or any other kinds of financial assistance from any State Government, Central Govt. Banks, Companies, Clubs, Associations, Trusts, Corporations or individual or donor agencies or any other source within or outside India with or without allowance of interest thereon but without doing the business of banking within the meaning of the Banking Companies Act, 1949 (Central Act X of 1949).

5. To advertise and propagate means of making known the objectives and programmes of the Company in accordance with the law.

6. Subject of the provisions of section 391 and 394 or the Companies Act, 1956 to be amalgamate with any Company(ies)/Statutory Organization(s) having object altogether or any part similar to these of this Company.

7. To undertake and execute any trusts, the undertaking whereof may seem desirable either gratuitously or otherwise.

8. Subject to the provision of section 292 of Companies Act, 1956 to lend or invest moneys belonging to or entrusted to or at the disposal of the company to such person or company and in particular to customers and other having dealing with the company with or without security, upon such terms as may be thought proper and guarantee the performance of contracts by such person or company, but not to the business of banking as defined in the Banking Regulation Act, 1949.

9. To buy, lease or otherwise acquire lands, building and other immovable as well as movable property and sell, mortgage, assign or lease and in any other manner deal with or dispose of the undertaking or property of the Company or any part thereof, whether movable for such consideration as the company may think fit, and in particular for shares debenture or other securities of any other company having objects altogether or in part similar to those of this company.

10. To draw, make, accept, endorse, discount, execute, and issues promissory notes, bills of exchange bills of lading warrants debentures and other negotiable or transferable instruments.

11. To employ or remunerate experts or consultants, foreign or Indian in connection with the planning and development of all or any of the business incidental to the operations of the company.

12. To apply the assets of the company towards the establishment maintenance or extension of any association, institution, or firm connected with any particular trade or business within objects of the Company.

13. To invest the capital of the company in or to deal with shares, stocks, bonds, debentures, obligations or other security of any company or organization existing or formed for establishing or working of any undertaking for development/welfare of the aforesaid clauses/sections as may be approved by the company, to invest the surplus funds of the company in recognized Government securities.

14. To create any depreciation funds, reserve funds, sinking fund, Insurance fund, bad debts fund or any special or other fund, whether for depreciation or for repairing, replacing, improving extending or maintaining any of the property of the company or for redemption of debentures or redeemable preferences shares or for any other purpose whatsoever and to transfer any such fund or part thereof to any of the other funds herein mentioned.

15. To grant funds in accordance with law/regulations, to employees of the company or their relations, connection or dependents or any such persons or its predecessors in business and to establish or support associations, institutions, clubs, schools, hospitals, dispensaries, cabgeens, hotels, restaurants, houses, dwellings, chawls, funds, schemes and trusts (religious scientific educational, technical) which may be considered calculated to benefit any such persons or the public or otherwise advance the interest of the company or its employees or beneficiaries members and to establish and contribute to any scheme for the purchase by trustee of shares in the company to be held for benefit of the company’s employees and to subscribe or guarantee money for charitable or benevolent objects or for any exhibition or any public general or useful object or create a fund or funds for such objects or purpose.

Provided that the company shall not support with its funds or endeavor  to impose on or proouxe to be observed by its members or others any regulation or restriction which, if an object of the Company, make it a Trade Union.

 

C.        OTHER OBJECTIVES:                                .................NIL..............

IV. The object of the Company extend to the whole of India.

V.                  (1).          The income and property of the Company, whensoever and howsoever derived, shall be applied solely in the promotion of its objects as set forth in this Memorandum.

(2) No portion of the income or property aforesaid shall be paid or transferred, directly or indirectly, by way of dividend, bond or otherwise by way of profit, to persons who at any time are, or have been members of the company or to any one or more of them or to any person claiming through any one or more of them.

(3) Except with the previous approval of the Central Government nor remuneration or other benefit in money’s worth shall be given by the Company or of its members whether officers or servants of the Company or not, except payment of out of pocket, expenses, reasonable and proper interest on money lent or reasonable and proper rent on promises leased or let to the & company.

(4) Except with the previous approval of the Central Government no member shall be appointed to any office under the Company which is remunerated by salary, fees, or in any other manner not excepted by sub clause (3).

(5) Nothing in this clause shall prevent the payment by the Company in good faith of reasonable remuneration to any or its officers or servant (not being members) or to any other person (not being member) in return for any services actually rendered to company.

VI. No alteration shall be made to thin Memorandum of Association or to the Articles of Association or the Company which are for the time being in force, unless the alteration has been previously submitted to an approved by the Regional Director, Department of Company Affairs.

VII. The liability of the members is limited.

VIII. The authorized share capital of the company shall be Rs. 10,00,00,000 divided into 10,00,000 equity shares of Rs. 100/- each.

IX. True accounts shall be kept of all sums of money received and expanded by the Company and the matters in respect of which such receipted expenditure take place and or the property, credits and liabilities of the Company, and subject to any reasonable restrictions as to the time and manner of inspecting the same that may be imposed in accordance with the regulation of the Company for the time being in force, the accounts shall be open for inspection by the members. Once atleast  in every year, the accounts of the company shall be examined and the correctness of the balance sheet and the income and expenditure account ascertained by one or more property qualified auditor or auditors.

X. If upon a winding up or dissolution of the Company, there remains, after the satisfaction of all debts and liabilities and property whatsoever the same shall not be distributed amongst the members of the Company but shall be given or transferred to such other body as may be specified by the Government.

Click the link below to view  Articles of Association

Articles of Association