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Employees' CP fund deductions worth Rs 7 cr in JK Cements misappropriated Blue-eyed officer in Accounts Deptt under scanner 11/18/2015 12:38:01 AM Ishtiyaq Ahmad Early Times Report SRINAGAR, Nov 17: The management of the Jammu and Kashmir Cements Ltd has allegedly failed to deposit around Rs 7 crore of employees contribution provident fund (CP fund) to the State fund authorities. The insiders blame corporation's financial wing which is run by blue eyed junior ranking officer of the Managerial cadre. Sources in the corporation told Early Times that though the management of the Corporation has recovered the said amount on books from the employees but the same has not been deposited in the fund accounts. Sources within the Corporation said that as per the standing governing rules the corporation has to deposit employer, employees contribution fund immediately after it is deducted every month from the salaries. But sources said that the corporation has brazenly violated the said norms and the employees have been deprived of the said benefit. Sources said that the CP fund authorities have also served upon notices to the management for immediate deposit of the CP fund amount. The employees have stated that they are feeling financially insecure as the same amount is required for the benefit and Interest of their family and wards. The employees level serious allegations against the financial mismanagement by the Managing Director and the head of the finance wing of the Corporation. "The charge of the finance wing of the Corporation has been given to a blue eyed junior ranking officer of the Managerial cadre, Abdul Rashied who enjoys the blessing of the Managing Director,". Ironically the said incumbent who is Manager Finance has also been given charge of secretary for which he is not qualified. Sources said that there are innumerable request applications from the employees, received by the management for seeking refund of the CP fund for meeting expenditure like children fee to be deposited with the professional colleges but sources said that all theses request applications have been consigned to record without any action, as a result of which the future of their wards looks to be dark.   Share This News with Your Friends on Social Network     Comment on this Story

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