JAKFED’s asset liquidation exercise will be completed in the coming months
Verification of employee service records at an advanced stage
Funds to be used to give benefits to the workforce
JAMMU, August 22: The much-needed asset liquidation exercise of the Jammu and Kashmir Cooperative Supply and Marketing Federation (JAKFED) will be completed in the coming months, as the valuation of the majority of properties has already been completed. been carried out. This will allow the co-op department to provide benefits to already retired employees and to offer a voluntary retirement plan (VRS) to other employees.
The decision to liquidate the loss-making company JAKFED was taken by the State Administrative Council (SAC) headed by the Governor of the former State of Jammu and Kashmir Satya Pal Malik in June 2019 and it was announced that the process be concluded by the Registrar of Cooperative Societies under Section 74 of the Cooperative Societies Act 1989 of Jammu and Kashmir by August 31, 2019.
SAC also requested the Department of Cooperatives to form a committee that will coordinate the liquidation of JAKFED and come up with a detailed liquidation plan including an appropriate VRS for Federation employees.
“All movable / immovable property of JAKFED will be taken over by the government and financial commitments, if any, will be satisfied by the Department of Cooperatives through the sale of these assets and the government will not bear any financial liability in this regard.” , the SAC had made it clear.
However, previously there had been a delay in the appointment of liquidators from the finance department and subsequently there was no necessary cooperation from the registration cooperatives at the time, so that no progress could be made in the implementation of the decision of the SAC, official sources said EXCELSIOR.
After an inordinate delay, the liquidators handed in the report, which however turned out to be inadequate and, as a result, the entire exercise was again delayed, much to the disappointment of JAKFED employees, including the fate is still pending, added sources, adding “in recent months, the Directorate of Cooperatives has made significant progress in entrusting the task to certain officers of the Directorate with the order to submit reports at regular intervals. “.
“There are 11 assets of JAKFED and the assessment of eight has already been carried out and government departments have been approached to take over the same by paying the cost according to the rates approved by the government,” they informed, adding “he there is a conflict of title with respect to two assets while a registration relating to another asset cannot be found â.
They revealed that the whole exercise of liquidating the assets of JAKFED will be brought to its logical conclusion in the coming months and that the funds generated by this exercise will be used to settle the liabilities of JAKFED. In addition, these funds will be used to provide retirement benefits to Federation employees who have already reached retirement pension and who have been awaiting justice since 2013.
“The funds will also be used to offer a voluntary retirement scheme (VRS) to other employees strictly in accordance with the decision of the State Administrative Council,” sources said, adding that “a detailed exercise is also in progress. course within the department of cooperatives for verification / authentication of the service records of former JAKFED employees â.
This step turned out to be imperative because the employee file is lacking mainly because no serious attention was paid by all those who remained at the head of the Federation during all these years to the keeping of files. âMore than a lakh of entries must be authenticated in order to establish an accurate picture of the number of genuine employees,â sources said.
“In addition to offering a voluntary pension scheme, the cooperative department is also considering the adjustment of JAKFED employees in other departments, but the final decision in this regard will be taken only after the completion of the verification of service records and full liquidation of assets, âsources said.
It is relevant to mention here that a committee of four officers from the Department of Cooperatives performs the verification / authentication of service records under the close supervision of the Secretary of Government, Department of Cooperatives, Yasha Mudgal.
JAKFED carried out major activities such as the supply and distribution of fertilizers, construction materials, domestic gas, etc. Initially a for-profit organization, the Federation could not keep up its pace due to bad practices that were probed by the Pillai Committee and subsequently by the House of Commons Joint Committee. former Legislative Council.