Governing Body Resolutions passed in 2007-08

Resolution No. 255 passed in the 34th meeting of the Governing Body held on 24.3.2008
“Resolved that Rule 28.1 of General Rules may be amended to permit sale/transfer of D.U. from one member to another member of IRWO without any time limit.”

Resolution No. 254 passed in the 34th meeting of the Governing Body held on 24.3.2008
"Resolved that
1. That IRWO do accept the offer of HUDCO to grant to IRWO loans not exceeding Rs. 250.00 Crore (Rupees Two Hundred Fifty Crore only) on the terms and conditions contained in the sanction letter No. HUDCO/CHRO/19450/2008/12488 dated 10-03-2008 received from HUDCO (a copy whereof duly signed by MD/IRWO for the purpose of identification has been circulated to the Board/placed on the table of the meeting).
2. That the following Directors/ General Managers.
Shri Shyam Kumar, Director Technical, Shri K.B. Verma, Director Finance and Shri S.P. Gupta, GM(Finance) be and are hereby authorized severally to convey to HUDCO acceptance on behalf of IRWO of the said offer for loan on the terms and conditions contained in the sanction letter referred to above and agree to such changes and modifications in the said terms and conditions as may be suggested and acceptable to HUDCO from time to time and to execute such deeds, documents and other writings as may be necessary or required for this purpose.
3. That IRWO do borrow from HUDCO the said loan not exceeding Rs.250.00 Crore (Rupees Two Hundred Fifty Crore only) on the terms and conditions set out in the Standard form of Loan Agreement including its General Conditions for loan in addition to the special terms and conditions mentioned in the sanction letter received from HUDCO (copies whereof duly signed by the M.D of the IRWO for purposes of identification have been circulated to the Board/placed on the table at the meeting).
4. That the aforesaid standard form of Loan Agreement be and is hereby approved and the following Directors/ General Managers viz Shri Shyam Kumar, Director (Technical), Shri K.B. Verma, Director (Finance) .and Shri S.P. Gupta, General Manager (Finance) BE AND ARE HEREBY severally authorized to accept on behalf of the Society with such modifications therein as may be acceptable to HUDCO and finalise the same.
5. That the Loan Agreement (as per the standard forms with such modification as may be agreed to between HUDCO and IRWO) be executed by Shri Shyam Kumar, Director (Technical), Shri K.B. Verma, Director (Finance) and Shri S.P. Gupta, General Manager (Finance) of IRWO severally.
6. That IRWO shall execute the Loan Agreement and provide securities as stipulated therein relating to the above loan within the period stipulated by HUDCO, the condition being that till such Agreement is executed and securities provided, there is no binding obligation or commitment on the part of the HUDCO to advance any money or incur any obligation thereunder.
7. That Shri Shyam Kumar, Director (Technical), Shri K.B.Verma, Director (Finance) and Shri S.P. Gupta, GM-Finance of IRWO be and are hereby severally authorized to accept amendments to such executed Loan Agreement, and/or other documents as and when become necessary and to sign letter(s) of undertakings, declarations, agreements, acknowledgement(s) and other papers which the Society may be required to sign in connection with the aforesaid loans.
8. That IRWO is agreeable and is in a position to:
i) meet the difference between the project cost and the sanctioned loan from its own resources before drawing any loan.
ii) Repay the loan installments within the prescribed period and payment of interest on due dates.
9. Executive Committee and officers of IRWO be and are hereby authorized to acknowledge debt on behalf of the Society.
10. Governing Body approves purchase of land at Village Raipur Distt. Sonepat, Haryana from M/s Pristine Buildtech Pvt Ltd for land admeasuring about 10.012 acres for a consideration of Rs.35.00 crore approx (including EDC Rs. 9.51 crore and Registiration charges Rs. 1.38 crore etc payable to State Authorities . for construction of about 750 dwelling units, shops and community centre. The Governing Body authorizes the Land Purchase Committee to negotiate and finalise further land purchases at various places for the programme loan of Rs.250.00 Crore sanctioned by HUDCO.
Governing Body further resolved that:--
(1) The IRWO do create mortgage by deposit of title deeds in favour of:-
HUDCO for its loan of Rs.250.00 crore (On first charge basis) by depositing with HUDO, all documents of title, evidences, deeds and writings (hereinafter called “the said title deeds”) in order to create security on the IRWO’s immoveable properties together with all the buildings and structures thereon and all the plant and machinery attached to the earth or permanently fastened to anything attached to the earth (hereinafter referred to as “the said immovable properties”) on/and procured from the said loan amount to secure the due repayment, discharge and redemption by the IRWO to HUDCO together with interest, further interest by way of penal interest, compound interest, front-end fee, premia on prepayment or on redemption, costs, charges, expenses and other monies payable under their respective Loan Agreements/Letter(s) of Sanction/Memorandum of Terms and Conditions as amended from time to time.
(2) The following officers of IRWO viz Shri S.P.Gupta, GM, Finance, Shri S.K. Patni, Addl.GM (F) and Shri S.N. Gulati, Contract Officer be and are hereby authorized severally to deliver to and deposit the said title deeds for the aforesaid purpose with HUDCO.
The following officers of IRWO viz. Shri S.P. Gupta, General Manager, Finance, Shri S.K. Patni, Addl. GM(F) and Shri S.N.Gulati, Contract Officer be and are hereby authorized severally to state on behalf of IRWO that the said title deeds so deposited were the only documents of title in the possession, power and control of IRWO and that IRWO has a clear and marketable title to the said immoveable properties and that the security in favour of the Lenders shall ensure in respect of IRWO immovable properties, both present and future, and also to give a declaration on oath and to execute such other deeds and documents as may be required by HUDCO to their satisfaction.

Resolution No. 253 passed in the 34th meeting of the Governing Body held on 24.3.2008
"Resolved that “Para 28.1 of IRWO General Rules” may be amended to read as under :-
“Subject to the local rules and regulations, sale/transfer of the Dwelling Units may be permitted with specific approval of IRWO to Primary Members after three years of possession and to serving or retired employees, widows or widowers of Central Govt., State Govt., Central PSUs and State PSUs after 5 years of possession of the Dwelling Unit by the seller. However, Dwelling Unit can be transferred to the blood relation without any time limit.”

Resolution No. 252 passed in the 34th meeting of the Governing Body held on 24.3.2008
"Resolved that a contribution of Rs. 18.83 lakh may be made from the Reserve Fund to the Trichy Project to meet the unrealizable cost from the allotees of the project."

Resolution No. 251 passed in the 34th meeting of the Governing Body held on 24.3.2008
"Resolved that as an exception to the provision of Para 23.1 and 24.1 of the IRWO General Rules, in case of Visakhapatnam Phase-III and Podanur Projects, a Maintenance Fund may be created by charging Rs. 7000/- from Type-III allottees, Rs. 6000/- from type-II allottees and Rs. 5000/- from type-I allottees for Visakhapatnam Phase-II and Rs. 16000 from type-IV allottees, Rs. 14000/- from type-III allottees Rs. 12000/- from type-II allottees and Rs. 10,000/- from type-I allotees for Podanur. No recovery towards Depreciation Reserve Fund may be made."

Resolution No. 250 passed in the 33rd meeting of the Governing Body held on 24.8.2007
"It is resolved that the upper limit for reimbursement of medical expenses in favour of direct appointees in IRWO for outdoor treatment be revised from the existing amount of Rs.2400/- per annum and Rs. 50/- per month per child maximum for two children as under :-

Scale of PayAmount
Rs. 2500-50-3100 / 2600-55-3260Rs. 4500/- p.a.
Rs. 3000-65-3975 / 3750-95-5650Rs 5000/- p.a.
Rs. 3800-100-5800 / 4400-120-6800Rs. 5000/- p.a.
Rs. 4600-125-7100 / 5300-150-8300Rs. 5000/- p.a.
Rs. 4250-125-6875 / 4700-150-7700Rs. 5500/- p.a.
Rs. 4850-150-7850 / 5500-175-9000Rs. 5500/- p.a.
The reimbursement will be limited to medical expenses for treatment of the employees, his/her spouse and their children including step and adopted children.
For Indoor treatment, the amount of reimbursement will be double of the above amount, in a year.
The modalities for implementation and reimbursement of above medical expenses will be decided by MD/IRWO.
It is also resolved to extend the above medical facilities to the retired non-railway personnel engaged in IRWO, who do not have any post retirement medical facilities from their previous organizations provided they deposit one time one month’s salary with IRWO. The amount of reimbursement will be according to the scale laid down above, specified for nearest scale which he was getting at the time of retirement. This will be admissible only after completion of one year service in IRWO.

Resolution No. 249 passed in the 33rd meeting of the Governing Body held on 24.8.2007
"It is resolved that the new scales of pay be introduced as proposed by IRWO and recommended by the Committee constituted by the Governing Body. It was further resolved that khallasies be given higher grade of Rs.2600-55-3260 to the extent 70% of strength and half (35%) of them be further brought in the next higher scale which may be evolved by M.D. MD will frame the modalties for appointment of the existing staff to these posts."

Resolution No. 248 passed in the 33rd meeting of the Governing Body held on 24.8.2007
"It is resolved that the revised General Rules of IRWO as proposed by IRWO and amended by Committee constituted by the Governing Body are approved with the further amendment that all the retired and serving employees of all the PSUs of Railway shall also be eligible to become members of IRWO. These rules come into effect w.e.f. 1.10.2007 in supersession to all provisions and rules available on this subject."


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