It is reliably learnt that there are more than 1000 members associated with this trade body of Kashmir valley. The letter reads that the KCCI constitution and its Articles of Association were incorporated in 1935 and have become redundant losing the relevance and thus it necessitates an amendment to its Articles of Association (AOA) to incorporate new changes that took place with the onset of Companies Act, 2013.
It is pertinent to mention that KCCI is an incorporated Non-for-profit company with the ROC J&K and it is learnt that the company as on date is active ‘non-complaint’ due to non filing of any document with the office since 2018.
Companies Act 2013 mandates the companies to conduct and conclude their AGMs every year and file the returns with the Registrar of companies annually. It is also mandatory to file Balance-sheet and all the financials with the office of ROC annually and non filling of documents is a serious offence and is to be dealt either with the prosecution filed in the lower courts or adjudication in the ROC’s chamber, strictly as per the relevant sections of Companies Act.
The penal provisions are both against the company and its directors who have defaulted of noncompliances.
It is pertinent to mention that KCCI is incorporated under Companies Act 1956 with the Government of India and it is the Article of Association (AOA) that allows the Chamber to have a committee and hold the elections for several posts like President, General Secretary, Treasurer etc to the committee in time bound manner.
All the activities of KCCI and its executive committee is governed by the Companies Act, 1956 and Companies Act,2013 and regulated by the office of Registrar of Companies, J&K located at the capital cities of Jammu and Srinagar. Srinagar office of ROC was effectively operationalised by Government of India in September 2019 with the posting of officers/officials after the abrogation of Article 370 in August, 2019.
After a gap of two years, KCCI recently held its elections to the office bearers & ACR Srinagar and other official of the revenue department and some members of election committee supervised the proceedings of the 85th annual general meeting in accordance with the orders of the High Court of J&K and Ladakh.
Following the elections to officer bearers of Kashmir Chamber of Commerce and Industry (KCCI), Javaid Ahmad Bhat(Tenga) was elected as the president of the business body along with other members of the executive committee.
