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MD JK cements purchases 40 lac poly bags at exorbitant rates MD JK cements purchases 40 lac poly bags at exorbitant rates 9/9/2015 11:37:26 PM Ishtiyaq Ahmad Early Times Report Srinagar, Sept 9: Days after it was reported that Managing Director JK cements Ltd Rakesh Sharma purchased engineering bearings worth Rs 33.50 lakh without inviting any tender, it has come to the fore that the MD has purchased 40 lac poly bags on exorbitant rates. Well placed sources told Early Times that Managing Director Rakesh Sharma after taking over as the MD JK cements placed order of 40 lac poly bags for Khrew cement plant. "An order for 30 lac bags was already in place at an approved rate of Rupees 9.27 per bag. But the Managing Director floated the approved rate, ordered for 40 lac poly bags and allowed the rate of 10 .81 per bag," sources said. Sources alleged that with this increased rate of 1.54 per bag the corporation suffered a huge loss of 61.60 lacs. Sources said that it was not understood as to how Rakesh Sharma placed order of 40 lacs bags when order for 30 lac bags was already in place. It is to mention here that Rakesh Sharma who remains in news for his wrong doings had managed his posting with the blessings of one of the ministers of National Conference led government despite the fact that he was not eligible for the post. He, according to the sources would not have been appointed on this post, if the then state minister had not helped him in facilitating his posting. Sources said that after assuming his office he has taken many disastrous decisions. "Wrong polices of the Managing Director could prove disastrous for the corporation's financial health as it has been witnessing slump in its annual turnover," insiders of the corporation said.   Share This News with Your Friends on Social Network     Comment on this Story

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