Usually there is a big question mark on Public Sector Enterprises in the country as well as the State. However, in regard to the JK Cement Ltd, it is a mixed story of plus and minus. Keeping in view the vast building activity in the State during the years of turmoil, it was but natural that this Public Sector enterprise meaning JK Cement would make steady financial progress and grow into a sprawling unit. Actually, that did happen some years ago and it showed sizeable profits in previous years.
But the unit has been unable to maintain its growth in term of profits for the last two financial years and the liabilities have accumulated to 150 crores. This has washed away all the profits that were laboriously made in previous years. It is pertinent to know why this downslide in profit making has happened in this unit. We have reports that the onus of this loss has to be brought to the doorsteps of its General Manager, who has retired in September last but continues to be still functional against all rules and regulations. One fails to understand how he continues to be holding the office when there are clear orders that he is no more authorized to handle financial matters. This is nepotism at the cost of the loss to public exchequer. He should be removed from office and arrested if he tries to obstruct the enforcement of the rule of law. He cannot make the Corporation a private estate and then assume the right of heading it for all purposes and intents. Likewise, another former employee of the Corporation, who retired as Personal Secretary to Managing Director J&K Cements Ltd early this year, is continuing on the same post without any extension given to him by any competent authority. It appears that a fraudulent nexus has been formed by the former General Manager of the Corporation and is establishing his illegal authority over the administration of the Corporation. We fail to understand how the Industries Minister is tolerating this mess in his department?
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