The Company is named as the ‘UTTARAKHAND PARVATIYA AAJEEVIKA SANVARDHAN COMPANY’ and is being initiated in the State of Uttarakhand through Rural Development Department of Government of Uttarakhand (GoUK). The UPASaC, a social venture capital company, registered under the Companies Act, 1956 on 29th March 2006, license under Section 25 of the Companies Act obtained
A . The main objects of the company are as under:-
1. Without any motive to earn profit, to enhance and improve the livelihood for the poor in the state of Uttarakhand.
2. To enhance the livelihood opportunities for the poor by providing and enabling the provision of financial services, business development services and capacity building as may help in improving the livelihood through integrated approach.
3. To provide business development services including demonstration, training, consultancy and advisory services on all matters and problem relating to technical industries, administration, finance and organization management, commencement and expansion of the enterprise, purchasing techniques, production, quality control, marketing, advertising, publicity, personnel, IT services, backward and forward business linkage promotion and horizontal linkages among enterprise, export and import, to and for institutions, concerns, bodies, associations, corporations, public or local authorities, trusts, Co-operative societies.
4. To help in promoting sustainable enterprise at micro, small and medium level, comprising the poor by means of joint ownership, equity, debt financing, leasing, hiring and such other means and mechanism by actively searching for investment opportunities.
5. To rotate and utilize the resources of the company for ongoing building up of new enterprise by exiting the enterprises that have achieved the sustainable scales and viability, through appropriate mechanism.
6. To act as catalyst in mobilizing financial resources of banks and financial institutions to Micro, Small and Medium scale enterprises to benefit the poor
B. Attainment of the main objects as per the memorandum of association of the company. Such as :-
1. To develop commercially viable enterprises.
2. Research activity
3. To provide Business Support Services.
4. To receive funds.
5. To support Bank & Financial Institutions.
6. To stimulate the demand of financial & business services.
7. To enhance public interest.
8. Buying and selling agent
9. To appoint trustees
10. To promote similar business
11. To merge and consolidate.
12. To acquire immovable property
13. To construct and maintain property
14. To dispose of property
15. To enter into arrangement with government.
16. To take recognition with other authorities.
17. To make representation to different bodies.
18. To make donations and provide other amenities.
19. To refer claims of company for arbitration.
20. To pay expenses of formation.
21. To propagate services made available by the company.
22. To raise money.
23. To draw negotiable Instruments.
24. To invest money.
25. To insure property.
26. To exercise corporate powers and rights.
27. To establish offices.
28. To operate bank accounts.
29. To register as Non Banking Financial Company (NBFC).
30. To do all things necessary for achieving the objectives.
C. Company’s Area
The objects of the company extend to whole India.
D. Company’s Cycle
The Company is implementing agency of Integrated Livelihood Support Project (ILSP), assisted by International Fund for Agriculture Development through Rural Development Department, Govt of Uttarakhand in the state of Uttarakhand. Under ILSP the livelihood financing part is being implemented by UPASaC. However as per direction of Board of Directors (BoD) of UPASaC other components and need based areas like marketing will be included in the activities. The activities under UPASaC include the following:
a) Banking support – capacity building, expansion of branches.
b) Risk management – piloting and scaling up of insurance services.
c) Financial inclusion initiatives – training to LC to be bank agents, product literacy training.
d) Provision of development finance via UPASaC including loan and quasi equity funding.