Kashmir Indepth

Government initiates process to wind up Jammu and Kashmir Cements Ltd.


Assets and Human Resource to be better utilized for productive outcomes

SRINAGAR, October 19: The Administrative Council (AC), which met here under the chairmanship of Lieutenant Governor, Manoj Sinha, approved the proposal of Industries and Commerce Department regarding complete sale of Jammu and Kashmir Cements Limited through ascending e-auction from qualified bidders.

Farooq Khan and Rajeev Rai Bhatnagar, Advisors to the Lieutenant Governor, Dr. Arun Kumar Mehta, Chief Secretary, J&K and Nitishwar Kumar, Principal Secretary to the Lieutenant Governor attended the meeting.

The decision has been taken in view of sharp decline in production and revenues from 2012-13 onwards. .

Over the loss making years, the company has been burdened by its own liabilities on account of salaries/bills raised by the contractors and various departments, CP Fund of employees, and GST liabilities.

Winding up of the loss-incurring PSU will open up the huge area of land measuring approximately 240 kanals appurtenant to the Khrew Plant which can be utilized as industrial estate by J&K SIDCO. The decision will assist the closing PSU in realizing revenue through payment of premiums by the prospective entrepreneurs to effectively clear the statutory liabilities of the company.

Related posts

Cultural Unit Srinagar of DIPR celebrates ‘National Journalism Day’

Ankit Sharma

NIA arrests two Jaish militants

Kashmir Indepth

Barzulla hit and run case: Elderly woman killed, police identifies the two Wheeler

Kashmir Indepth

And rumours prove right as IAF launches air strike in PaK

Kashmir Indepth

JKAP decries hike in water tariff in UT, says govt should rescind this arbitrary order

Ankit Sharma

200 returned students, quarantined on Saturday morning

Kashmir Indepth

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy