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| Once pride of State, JKCL fights for survival | | |
Muhammad Mukaram
Early Times Report
Srinagar, Aug 17: Once a debt-free and cash-rich public sector undertaking of the state, the Jammu and Kashmir Cements Limited (JKCL) has now become a pauper, fighting for its survival as the company is facing severe financial crisis and mismanagement by top officials.
The Managing Director has not deposited the Central Provident Fund (CPF) which amounts to crores of rupees in the accounts of around 800 employees from last ten months.
Also, the lives of workers of JKCL at its Khrew cement plant in south Kashmir are on high risk as Manager Finance has failed to submit Life Insurance Cover (LIC) policy in the accounts of workers.
Sources revealed that from illegal appointments to purchase of substandard items, the MD has purportedly been found part of most of these frauds.
"Despite a number of complaints against the present MD Rakesh Sharma, the government has least bothered to take any action against him, despite the fact that Sharma is a non-technical person with clerical background at SICOP," sources said.
Interestingly, the previous National Conference-led coalition government had thrown the rules and regulations to dustbin by appointing people like Sharma at the JKCL.
"Sharma was posted as MD of JKCL by the then Industries and Commerce Minister Sajad Ahmed Kitchloo," sources said.
During Sharma's tenure, the JKCL has failed to pay salaries of around 800 employees from last three months. "The company is also indebted to various financial institutions and vendors," one of the officials of the company said.
Sources in the corporation said that from last few years the company has derailed from its path due to flawed policies of management and has been rendered as a loss generating unit.
Sources said vital records of the JKCL pertaining to sales department, project section, finance department, purchase department, company secretary section and Managing Director's office were gutted.
"Eyebrows are being raised about the fire incident as many Vigilance cases and several enquiries about illegal recruitments during past few years were being probed by various agencies," they said.
Employees of JKCL alleged the company had become a hub of corruption. "The fire incident seems to be aimed at destroying records to thwart the probes being initiated by the Crime and Vigilance. We demand a through probe into the matter," they said.
"We demand that Chief Minister Mufti Mohammad Sayeed should intervene to look into all the unlawful activities in the corporation. The CM should also direct all government executing agencies to lift and purchase cement only from J&K Cements Ltd as per the cabinet order," said sources.
J&K Cements Limited (A J&K Govt. undertaking) was established in the year 1978. From its inception the company had always been in profit and was considered one of the most profitable PSUs in J&K. The company had been paying huge dividends to the state exchequer. |
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