Five years on, VSPF yet to get share capital and corpus fund

Vadodara: The Vadodara Municipal Corporation (VMC) is yet to pay the share capital and its share of the corpus fund for the VMC Sports Promotion Foundation (VSPF). VMC has not been issued shares of the foundation that is a joint venture (JV) between the civic body and the Sports Authority of Gujarat (SAG).
VSPF was floated in 2015 as a JV for operations and maintenance of the Sama indoor sports complex as well as the Manjalpur outdoor sports complex. Sports complexes are amongst the prestigious projects taken up by the Vadodara civic body.
The VMC was to pay Rs 5 lakh towards shares of VSPF and another Rs 10 crore towards the corpus fund for the foundation. VSPF has been sending reminders regarding the amount to the VMC. The interest from the corpus fund is used for the upkeep of the two sports complexes. Sources said that SAG has paid its share of the corpus fund. Sources said that the auditors of VSPF have also pointed this out to the VSPF from time to time.
Sources said that the issue has been raised in board meetings of the VSPF too. VMC commissioners or other officials attending the meetings have also been apprised of the situation in the meetings itself. The issue was also raised in the board meeting last month.
VMC officials have promised to take up the issue with the elected wing and get a nod for disbursing the amount to VSPF. But the civic body’s fund crunch and the fact that the elected wing is not very happy with VSPF working style may be hurdles in the process.