History & Certain Corporate Matters
- Brief History of our Company
Our Company was incorporated as “The Housing and Urban Development Finance Corporation Private Limited” on April 25, 1970, as a private limited company under the Companies Act, 1956, and was granted a certificate of incorporation by the then Registrar of Companies, Delhi. Subsequently, the name of our Company was changed to its present name, “Housing and Urban Development Corporation Limited” and a fresh certificate of incorporation dated July 9, 1974, was issued by the then Registrar of Companies, Delhi & Haryana. Our Company was notified as a public financial institution under Section 4A of the Companies Act, 1956 on December 9, 1996, by the Department of Company Affairs, Ministry of Finance, GoI. Further, the NHB issued a certificate of registration to us on July 31, 2001, permitting us to carry on the business of a housing finance institution.
- Our Main Objects
The main objects of our Company as contained in our Memorandum of Association are:
- to provide long term finance for construction of houses for residential purposes or finance or undertake housing and urban development programmes in the country;
- to finance or undertake, wholly or partly, the setting up of new or satellite towns;
- to subscribe to the debentures and bonds to be issued by the State Housing (and/or Urban Development) Boards, Improvement Trusts, Development Authorities etc., specifically for the purpose of financing housing and urban development programmes;
- to finance or undertake the setting up of industrial enterprises of building material;
- to administer the money received, from time to time, from the Government of India and other sources as grants or otherwise for the purposes of financing or undertaking housing and urban development programmes in the country;
- to promote, establish, assist, collaborate and provide consultancy services for the projects of designing and planning of works relating to Housing and Urban Development programmes in India and abroad;
- to undertake the business of Venture Capital Fund in Housing and Urban Development Sectors facilitating Innovations in these sectors and invest in and/or subscribe to the units/shares etc. of Venture Capital Funds promoted by Government/Government Agencies in the above areas; and
- to set up HUDCO’s own Mutual Fund for the purpose of. Housing and Urban Development programmes and/or invest in, and/or subscribe to the units etc. of Mutual Funds, promoted by the Government/Government Agencies for the above purpose.
The main object clause and objects incidental or ancillary to the main objects contained in the Memorandum of Association and Articles of Association enable our Company to undertake its existing activities.