news details |
|
|
| Corruption, defective machines behind JKCL's fall from grace | | | Ishtiyaq Ahmad
Early Times Report
Srinagar, Oct 1: Defective machinery and allegedly unchecked corruption are blamed for J&K Cement Limited's steep decline in revenue generation.
In 2004-05, the government mulled to install an additional unit with generating capacity 600 tons per day at JKCL's Khrew plant as cement was rapidly becoming a profitable sector.
The project was given a final shape and the foundation stone was laid by then Chief Minister Ghulam Nabi Azad.
Sources said the project report was prepared and orders were placed for installation of machinery with M/S Promoke Engineering Bangalore for an amount of Rs 80 crores.
"The installation process started immediately after placement of order and completed in 2008-09. Entire payment was released in favour of the firm without going for proper commissioning, trail test and performance guarantee test, and the plant was handed over to JKCL," sources said.
They said the plant was designed to generate 600 tons per day, but as per the internal report it did not deliver to its rated capacity even after having spent a huge amount on this.
Sources said the Promoke project has an average production of 200 tons only against the capacity of 600 tons.
It is reported that till 2008 and 2009 the corporation released over and above the contracted amount to the extent of Rs 110 crore to M/S Promoke Engineering.
The Chief Engineers who were that time posted as Managing Directors did not bother to check the quality of the machines, said sources.
The case is under investigation with the Vigilance Organization and the report is awaited.
Meanwhile, sources said the incumbent MD, Rakesh Sharma, has engaged some private experts who are charging Rs 25 lakh per month for bringing the Promoke project to the rated capacity of 600 tons.
These experts were, however, engaged without fulfilling the codal formalities, alleged sources. |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
|
|
|
 |
|
|
|
|
STOCK UPDATE |
|
|
 |
| BSE
Sensex |
 |
| NSE
Nifty |
|
|
| |
CRICKET UPDATE |
|
|
|
|
| |
| |
|
|
| |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
