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MD JK Cements allows Illegal revision of Rs 5 cr 10/28/2015 1:06:46 PM Ishtiyaq Ahmad Early Times Report Srinagar, Oct 27: The J&K Cements Limited's Managing Director has, in violation of the rules, allowed illegal revision of Rs 5 crore to a New Delhi-based company. According to details available with Early Times, the previous National Conference-Congress Government had decided to install a grinding-cum-packaging unit with a capacity of 300 tons per day at Industrial Growth Centre Samba. Later, the project was approved at a cost of Rs 26.80 crores, which was funded by State Government in the shape of equity. The Government then decided to call tenders for installation of required machinery, and accordingly the rates of Delhi-based company M/s Ashoka Gear were found to be lowest and hence it was allotted the project. Sources said the agreement entered with the company was specific for installation of machinery with the capacity of producing 300 tons daily. "The MD sought revision of Rs 5 crore in the total project from then MoS Industries and Commerce Sajad Ahmad Kichloo. Kichloo accepted the approval for making an upward revision in the total project. The management of JKCL under MD Rakesh Sharma mooted a proposal with strong recommendations to allow an increase of Rs 5 crore to the contractor," said sources. "Kichloo gave approval for the same." Sources said that in accordance with the approval the management headed by Sharma raised a loan from J&K Bank for Rs 5 crore. "The JKCL management is in the process to release the extra payment of Rs 5 crore to the contractor," said sources. A senior officer of the JKCL said the claim is not genuine and it cannot be reimbursed as the contract was for fixed amount and there was no scope in the terms and condition of the notice and the agreement. He said there is a strong resentment within the corporation for having sanctioned the revision in the contract. Sharma was not available for his comment.   Share This News with Your Friends on Social Network     Comment on this Story

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