INCORPORATION : The
then Governor of Kerala, in his address to the Legislative Assembly
in March 1989, had announced the Government’s intention to establish
a Police Housing and Construction Corporation, to take up the construction
and maintenance of housing complexes and other buildings for the Police
Department throughout the State. Government of India had also requested
the State Government to consider the formation of such a Corporation
so that necessary housing finance for the construction projects could
be secured from banks and other financial institutions. Accordingly,
a project proposal was submitted to the State Government by Shri.
V.Joseph Thomas IPS, IGP, who had been appointed as Special Officer
for this purpose.
CAPITAL STRUCTURE : The Company was registered with an authorized capital of Rs.10 Crores made up of one lakh shares of Rs.1000/- each. The Government of Kerala released Rs.5 Lakhs under the head “Pre-operative expenses” to meet the expenses for the formation of the Company and other incidental charges. This advance was subsequently converted as share capital.
The Government also released an additional amount of Rs.14 Lakhs as share capital to the Company, to meet pre-operative expenses. The Government also transferred to the Company title deeds of two plots of land measuring 6 Acres and 30 Cents in Vikas Bhavan area and 6 Acres and 45 Cents near the Cantonment Fly-over and the value of the above land amounting Rs.576 Lakhs was treated as share capital contribution of the Government. Thus the paid-up capital of the company totalled to Rs.595 Lakhs. However, the land measuring 12.75 Acres earlier alloted to the Corporation was transferred back to the Police Department vide GO(MS)No. 48/2001/Revenue dated 22-02-2001. Thus the paid-up share capital of the Corporation has been reduced to Rs.27 Lakhs only.
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