Navin discusses modalities for improving JKCL’s financial health

Navin discusses modalities for improving JKCL’s financial health

Finance Department to issue SRO banning illegal employment by Corporations, Statutory Bodies

SRINAGAR, JULY 25: Principal Secretary, Finance Department, Navin Chaudhary, chaired a high-level meeting here today to work out modalities for improving the financial health of Jammu and Kashmir Cements Limited (JKCL).

During the meeting, Chaudhary said the State Departments, especially Public Works, Power, PHE, I&FC, etc should be directed to use OPC 43 Grade cement only manufactured by JKCL for construction purposes which can withstand the cold climatic conditions that prevail for four to five months in Kashmir during winters.

He said the Finance Department will issue directions to these departments to mandatorily purchase cement from JKCL with one-month advance indent from the departments. “The Departments will be asked to release payment to JKCL preferably on the date of delivery or within maximum of weeks’ time,” he said.

The Principal Secretary said this will enhance the working capital of the JKCL which has come under financial strain due to various unforeseen reasons over the past few years. Chaudhary said the JKCL must immediately restore order in its balance sheet in order to emerge as a strong institution that will not only help in generating employment but also compete in open market and expand its operations.

“Finance Department will come out with an SRO barring statutory bodies and other corporations of the state from hiring people without financial concurrence of the Finance Department or in the absence of budgetary support from the government,” Chaudhary said.

The Principal Secretary said the JKCL must also prepare an inventory of its assets which are not being optimally utilized. He said these assets can be utilized to improve the financial health of JKCL.

The meeting was also attended by Principal Secretary, Industries and Commerce, Shailendra Kumar, Director Budget, Imtiyaz Ahmad Wani, Director General Codes, Mohammad Rafi Andrabi, Managing Director JKCL, Atul Sharma and other officers of the allied departments.

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