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news details
MD JK cements under scanner, compliant lodged with Vigilance organization
9/19/2018 11:05:51 PM
Ishtiyaq Ahmad
Early Times Report
SRINAGAR, Sept 19: The Managing Director Jammu and Kashmir Cements Limited has come under scanner as the Vigilance Organization, after receiving written complaint, has sought the records regarding installation of machinery, Procurement of coal and other relevant documents.
According to a vigilance letter in possession of Early Times, the Vigilance organization has sought details like tender documents, comparative statements, supply orders, bills, list of coal suppliers/bag suppliers, the contract copies with regard to rates and negotiations with these suppliers.
Having been set up three-decades-ago of producing quality cements at the reasonable prices and generating revenue for the state, the JK Cements Limited (JKCL) is fighting for its survival. Over the years, its production has declined due to lack of proper management.
This is not for the first time when the scam hit JK Cements has come under the scanner. Several frauds had taken place there over the last three years. Over the years, its production has declined due to lack of proper management.
"It has now reached at the verge of closure with authorities having facilitated scams instead of taking measures of reviving it," said insiders.
Being a state owned company, it has a pivotal role to produce cement of standard quality at the reasonable rates. "Unlike other cement plants operating in the state, it has lost its market value due to production of low quality cement as authorities have been purchasing sub-standard material for its production," insiders said.
In 2015, the company witnessed a loss worth Rs 20 crores when the officials left piles of clinker (semi-fencing cement) under open sky without covering it with a plastic sheet that latter got spoilt by rain. There were also reports that government had decided to shut this cement plant. But the employees had resisted the move as around 10000 employees were dependent on it.
In December 2015, an effort to commit fraud worth nearly a crore of rupees came to fore in the company when someone attempted to siphon off bank guarantee money under forged signatures.
A massive scam reportedly had surfaced in the JKCL wherein the management had ordered purchase of coal worth over Rs 12 Crore in sheer violation of norms and procedures.
Sources said that the state owned company is also facing financial crisis due to frauds committed by its officials over the years.
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