Smart Cities Mission (SCM) guidelines states that Smart City Special Purpose Vehicle (SPV) Companies will be headed by a full-time CEO. Further, with regard to appointment of Key Managerial Persons (CEO, CS and CFO) as required under Companies Act, 2013 and the eligibility criteria selection of these officials, the Ministry has outlined the process in its Advisory No. 3 dated 4.7.2016. It is however observed that in many of the Smart City SPVs, the charge of CEO has been assigned as an additional charge to an Officer in the State Government
SPVs may therefore ensure appointment of full-time CEOs at the earliest to enable the Mission Directorate to achieve the intended outcomes in a time-bound manner.