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SICOP flouts norms to 'illegally' issue raw material worth Rs 170 lacs Beneficiary firm refuses to pay 12/22/2014 11:34:57 PM Avinash Azad Early Times Report JAMMU, Dec 22: Throwing rule book into trash, the Managing Director, Jammu and Kashmir Small Scale Industries Development Corporation (SICOP) has released raw material worth Rs 170 lacs without fulfilling codal formalities to a firm which has refused to make payment against the material received by it. According to well placed sources, the SICOP purchased raw material, BILLET 500 mts, from SAIL Jammu worth Rs 170 lacs. The consignment was made on the verbal directions of MD, since there was no legal document regarding the deal, the firm denied corporation's claims regarding the material. "The payment was made in advance to SAIL Jammu by the corporation. The material was therefore transported to Srinagar to SICOP Depot at Zainakote. BILLT is meant for rolling mills for the manufacturer of TOR Steel/ TMT Sariya", sources said, adding that malpractice at higher level threatened to bankrupt the corporation. "The mechanism in SICOP is that all such raw material is sold to rolling mills on cash payment through which SICOP earns service charges on the investment made. In the instant case the MD, SICOP, R L Tickoo worked arbitrarily by releasing this material illegally without any financial security or any legal document and codal formalities", they claimed, adding that on instructions given by MD SICOP to Manager SICOP depot Zainakote, he released BILLET to Himalyan Rolling Mills Srinagar. They further said that now the party has refused to pay any amount for the material. "The entire action on the part of MD SICOP is highly objectionable where no rules have been followed. There is a strong resentment among the employees in SICOP on this account", sources said, asserting that the party was using the material for his own purposes without bothering to give back payment against the material. They said that the SICOP had suffered a huge loss due to the action of MD hat resulted in pilferage of the material worth Rs 170 lacs and subsequent penal interest on the amount.   Share This News with Your Friends on Social Network     Comment on this Story

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