UAV Corporation to be formed

With an office on MIT campus, it will have an authorised paid-up capital of ₹10 cr.

The Higher Education Department has issued an order to establish the Tamil Nadu Unmanned Aerial Vehicles Corporation in partnership with the Madras Institute of Technology (MIT), Anna University.

The 100% government-owned company with a registered office at Directorate of Technical Education (DoTE), Guindy, and a functional office on MIT campus in Chromepet, has been set up with ₹10 crore as authorised paid-up capital, divided into one crore equity shares of ₹10 each.

Board of directors

The board of directors will include the Higher Education Secretary who will be its chairman and an IAS officer will be the managing director. The Additional Chief Secretary or the Finance Secretary or his or her nominee will be one of the directors. The secretaries/representatives of municipal administration and water supply, industries, revenue and disaster management, the Additional Director-General of Police (Technical Services), the Director of Technical Education, a representative from Anna University and a chief executive officer, who will be recruited on deputation, would be directors.

MD’s responsibility

The day-to-day management of the corporation would be the responsibility of the MD.

The authorised capital would be increased based on requirement as and when the corporation’s board and the government approve it.