State

JAKFED under MD moving ahead with progressive and innovative initiatives

golden yug
[ June 06, 2017 ] Credit must be given to MD JAKFED Bilal Ahmad Bhat who despite having highly uncooperative staff and also the staff well acquainted with loop holes and also woth their long stay at one place has taken several praiseworthy initiatives to bring back it on developmental path. It is further reiterated that still at present the Government Departments owe liability payable in favour of JAKFED over Rs. 22.00 crores including treasury cheques . Although vital and regular correspondence has been done for appraisal of higher authorities yet due to frequent changes of secretary to Government Cooperative Department during a span of one to two years no logical conclusions could be derived. Still the JAKFED hopes to cross turnover for over Rs. 100 crores in the ensuing financial year i.e. 2017-18.The Institution having come out of red in the past could manage to revive its activities under your close vigil and chairmanship. The Department supplies assigned to the Jakfed and 4 Petrol pumps sanctioned by Indian oil Corporation at our different sites such as Railhead Jammu, Pul Doda, Anantnag Ashajipura, Patshibagh (Srinagar)with your kind intervention and orders have beyond doubt did a lot for the Institution to revive its activities. Still the recovery factors from the Government departments deserve your kind focus. In addition to the existing activities being undertaken by the JAKFED we look further for conduct of business for defence supplies in Leh & Kargil. With sound and timely repayment schedule in respect of defence supplies, the Institution further hopes to improve its financial position under your precious guidance and chairmanship. The Government recently constituted a managing committee for affairs of Jammu & Kashmir Cooperative Supply & Marketing Federation Limited (JAKFED).. Accordingly, Minister for Cooperatives and Ladakh Affairs shall be the chairperson of the Committee, while as Minister of State for Cooperatives, Forest, Environment & Ecology as Special Invitee and Munish Sharma Vice Chairperson JAKFED. Whereas, Administrative Secretary Planning, Development & Monitoring Department, Administrative Secretary Finance Department, Administrative Secretary Cooperative Department and Registrar Cooperative Societies are members and Managing Director JAKFED as Member-Secretary of the Committee. It was said that the managing committee will work for a period of three months or till elections to the said Apex Level Cooperative Federation from the share holders comprising Cooperative Marketing Societies, Cooperative Wholesale Stores, Primary Agricultural Cooperative Societies and Primary Cooperative Consumer Stores, spread throughout the length and breadth of state of J&K. Meanwhile, Managing Director Bilal Ahemed Bhat J&K Cooperative Supply And Marketing Federation Ltd. has been asked to closely coordinate with Registrar J&K Cooperative Societies to complete the process of holding election to the Federation. The undersigned joined the services of JAKFED in his capacity as Managing Director in the month of April 2015. It was gauged at a glance that the Institution was confronted with grave financial stress. On the one hand the Institution had scanty financial resources to conduct and undertake frequent business activities but simultaneously the liabilities payable to employees on roll as well as the retirees on account of CPF, Salaries and gratuity payable had sky rocketed in crores of rupees. The institution was made to bear the costs and overheads out of meager available resources without any support from the Government. In spite of the fact that despite from Rs. 5.00crores to Rs. 6.00 crores per year out of existing business activities but such earnings could only suffice for payment of routine salaries thereby holding back and accumulating liability payable/remittable on account of CPF per month as well as per annum. There is no denying the fact our Apex Institution has the worth and potential for conduct of sizeable business but the repayment policy of Government Departments always came in the way. Correspondence rested on record is a testimony to the fact that there has remained sizeable retention of sale proceeds with the Government Departments which also hampered and caused obstruction in our smooth business activities. There has never been evolved any provision of Advance payments for the Departments. Besides, there has always been witnessed an inordinate delay on the part of Government treasuries in clearing the payment cheques in time because of financial constraints which finally resulted that our principal suppliers either stopped or obstructed further supplies. It is pertinent to mention that the requests made to worthy Commissioner, Secretary Finance J&K, Director General Accounts & treasuries, J&K and other higher ups for kind intervention and timely release of payment cheques in favour of JAKFED even could not evoke timely response. This ultimately led to downsizing of our business activities from 20 to 30%. In furtherance the JAKFED undertook and started its activities in 3"1 region of state i.e. Leh/Kargil. But the concerned Departments also retained sizeable sale proceeds worth Rs. 2.75 crores the Institution is constantly making follow up for the same. On the one hand there has remained noise on the part of our creditors viz the suppliers and the employees/retirees to make good their liabilities from the Institution but on the other hand there has not been placed any elected management for the Institution to take vital decisions. Which include land lease in favour of Indian Oil Corporation to generate resources, disposal of idle lying land for clearance of post liabilities and so on?