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| Govt fixes schedule for PSUs' board meetings | | | ET Impact
Ishtiyaq Ahmad
Early Times Report
Srinagar, Nov 12: The state government has fixed schedule for board meetings of all public sector undertakings (PSUs) falling under the Industries and Commerce Department.
Official sources said the Industries and Commerce Minister, who is also the chairman of these corporations, has approved schedule for convening the board meetings. "Orders in this regard have been issued and these corporations are making preparations for the same accordingly," said sources.
Recently, Early Times had reported that there was inordinate delay in conducting board meetings. "There was a specific default in convening the board meetings, as a result the financial health and performance of these corporations could not be gauged," sources had told this newspaper.
All these PSUs have been incorporated under the Companies' Act of 1956, where the mandatory requirement is to quarterly conduct such board meetings.
"This was seen to be an intentional move not to convene the board meetings to hide the misdeeds of the top management which has resulted in the drop of the profits and also not accomplishment of the set targets," sources had maintained.
Meanwhile, sources said the approval of the new industrial policy has not come to fore as a result most of the incentives have remained unutilized.
Sources said all PSUs falling under the jurisdiction of the Industries and Commerce Department have shown considerable decline in achieving the set goals, as a result the incentives earlier announce by the government could not reach to MSMEs sector and there has been a slow down in the industrialization in the state.
Sources said the SIDCO, which is responsible for creating industrial estates, has failed to do so and is boosting only on the industrial estates created into 15 years back.
Sources said likewise the SSIDC which was given target of one thousand crore turnover has fallen from the grace to only 600 crores as on March 31, 2016.
Sources said that despite strong support of the cabinet order issued under SRO No 342 for providing market and raw material assistance, the said corporation could not capitalize this order as a result the turnover has shown a drastically downward trend.
"The corporation has also skidded in the profit, when compared with the corresponding period of yester years," sources maintained.
As regards the Handicraft Corporation, it has utterly failed in providing marketing support to the Kashmir carpet manufactures.
Surprisingly the corporation has switched over to construction works. "This objective of the corporation was to promote the Kashmir carpet and shawls through its sales outlets across country, but hardly any increase in the turnover has been seen," sources said.
Sources said that as regards JKI was concerned which is loss making venture, has also not shown any turn around and is making losses year after year.
Sources said that so far as Handloom corporation is concerned, it could not avail centre and state schemes as a result it has turn out to be a defunct organization.
Another public sector undertaking namely JK Minerals could also not tap successfully the resources available in the state.
Sources said that as far as JK Cements is concerned, it could not contribute fully in the developmental works of the state by providing the cement on time. The corporation has also shown decline in the sales as on 31.03.2016.
Sources said the Department of Bureau of Public Enterprise was created to monitor these corporations, but the department looks to be in the deep slumber, as no review meetings has ever been taken with the result this department has become a liability on the government.
Sources said that now in view of the dismal performance shown as on March 31, 2016, these corporations have nothing to report in the board meetings about the progress but are taking refuge of the Kashmir unrest. |
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