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| JK Cements fights for struggle, liabilities go up | | | Early Times Report
SRINAGAR, Jan 1: While the government has directed officials not to use private companies cement in government buildings, the JK Cements is at the verge of closure, and its cement is not available in markets.
The JK Cements was set up three decades ago and is now fighting for survival. Over the years, its production has declined due to lack of proper management, and scams worth crores of rupees have had hit it.
Take for instance, the electricity dues of JK Cements have reached to Rs 8 crore, retirement dues gratuity Rs 10 crore besides around Rs 100 crore pending bills of raw material suppliers, pending salaries of employees etc.
The JKCL is providing employment to more than 1000 semi-skilled, skilled, specialised and super specialized people directly or indirectly. In addition to this, the company in the sale promotion of its product has engaged a good number of distributors and sub-distributors. The company plays a significant role in the development of state by providing cement for the construction of major developmental projects undertaken by the state.
Government has now directed the authorities of JK Cements Limited to make a comprehensive plan for its revival or be ready for its closure.
Advisor to Governor K K Sharma recently held a meeting with the authorities of JKCL where he expressed concern that it was running in heavy losses. "Managing Director JKCL was directed to make a comprehensive plan for its revival or be ready for its closure," a source privy to the meeting, said. "The authorities were directed if they failed to make it a profitable public sector undertaking then it has to be closed down as JKCL has become a burden on the state exchequer," the source said. |
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