Fayaz Bukhari
SRINAGAR, Nov 27: Jammu and Kashmir Cements Limited is suffering huge losses for last four years and the liabilities of the Corporation have gone up to Rs 150 crore due to mismanagement.
The J&K Cement which was a profit making Corporation till the financial year 2012-2013 is now loss making. The losses accumulated up to Rs 100 crore while its competitors in private sector are making huge profits .
The losses suffered by the Corporation are said to be mainly due to mismanagement. In the financial year 2012-2013, it had registered a profit of Rs 2.53 crore while in the financial year 2011-2012, it had registered a profit of Rs 4.35 crore.
And from the financial year 2013-2014, it started suffering losses which are showing upward trend every financial year. In the financial year 2016-2017, it suffered losses to the tune of Rs 31.73 crore; in Financial year 2015-2016, the losses stood at Rs 23.40 crore; in Financial year 2014-2015, the losses were pegged Rs 26.27 crore and in Financial year 2013-2014, the losses were at Rs 16.92 crore.
Besides all this, as per the records of the J&K Cements, the liabilities of the Corporation have risen to Rs 150 crore. These include Rs 54 crore bank loans, Rs 40 crore Government advances, Rs 16 drore CP Fund, Rs 25 crore Pay and DA arrears, Rs 15 crore due of suppliers and contractors and Rs 11 Crore pending salary.
On one hand, the J&K Cements is suffering losses, while on the other hand it is illegally giving extension to its senior employees. The General Manager of the JK Cements, Qaiser Ahmad Wani, retired in October 2017 but he is still holding the post.
The retired General Manager has not been given any extension till date but he enjoyed the same powers till date but illegally. He is putting signatures as General Manager on various documents, the copies of which are in the possession of Excelsior.
Wani was enjoying top position in the J&K Cements for several years, despite clear orders from the Industries department that he should not be given powers where he exercises financial powers. “Q A Wani, FA/CAO should not be given any responsibility which entails exercise of Financial Powers since he as Manager Finance has acted carelessly and released on account payment without following due procedure i.e. having failed to obtain the approval of Managing Director”, read a Government order (No. IND/JKCL/12/2010 dated 22-07-2014) of Industries Department.
Besides this another employee, Sushil Hakhoo, retired as Personal Secretary to Managing Director J&K Cements Ltd early this year but he still continued on the same post without any extension from the Industries or Administrative Department.
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