Section 25 in The Rail Land Development Authority (Development of Land and Other Works) Regulations, 2012
25. Agreement with the company.
(1)Except as may be determined by the Authority in special cases, the selected developer shall have to incorporate a company under the provisions of the Company's Act 1956 for implementing the development project on the railway land and the development or lease agreement shall be executed only with such company and not with the selected developer.(2)The said company shall take the position of the developer in the agreement and the said company shall be responsible for the design, construction, financing, marketing, operation and maintenance of the project as specified in each agreement.(3)The said company shall continue to exist until the expiry or termination of the agreement, but subject to equity lock-in conditions specified, shareholders, including the promoters can exit from the said company by disposing or transferring their shares to other parties in a manner as may be determined by the Authority.
