Srinagar, Sep 30: The Public Sector Undertakings (PSUs), corporations and other autonomous bodies in Jammu and Kashmir have a year to devise modalities for distributing their existing employees among the union territories the state was bifurcated into last month.
From November 1, J&K will no longer function as a state as the government of India divided and downgraded it into union territories of Jammu and Kashmir, and Ladakh on August 5, the day it also scrapped Article 370.
On August 9, the government of India also published the Jammu and Kashmir Reorganisation Act, 2019, a set of new regulations that provides for the reorganisation of J&K and for matters connected with it.
As per clause 92 of the Act: “On and from the appointed day, the employees of State Public Sector Undertakings, corporations and other autonomous bodies shall continue to function in such undertaking, corporation or autonomous bodies for a period of one year and during this period the corporate body concerned shall determine the modalities for distributing the personnel between the successor Union Territories.”
Sources told The Kashmir Monitor that during this year, there will be massive restructuring in PSUs, corporations and autonomous bodies of J&K.
“The PSUs and other such bodies that have a history of lossmaking may be asked to shut down,” sources said.
On similar lines, Advisor to Governor K Skandan recently chaired Board of Directors (BoD) meetings of J&K State Industrial Development Corporation Limited (SIDCO), J&K Minerals Limited, J&K Cements Limited and JK Handicrafts in Srinagar.
The meetings were attended by Finance Commissioner Finance, AK Mehta, Principal Secretary Industries and Commerce, Naveen Kumar Choudhary, MD SIDCO, MD JKML, MD JKCL, MD JKHC, Director Industries Kashmir, Director Industries Jammu and other concerned.
During the meeting, the Advisor, while discussing the Action Taken Reports and agendas, directed the concerned officials to complete annual audit reports at the earliest, besides compilation of profit and loss data.
He also suggested restructuring of some Corporations for better utilization of human resources.
The PSUs that have to be more watchful given their recent past of losses include J&K Cements Limited, J&K, J&K Minerals Limited, and JK Handicrafts.
Pertinently, Kashmir has observed an unannounced shutdown since August 5 with business, educational activities completely suspended. The persistent closure will complete two months this week.