Srinagar: 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.