Jammu and Kashmir Govt Orders Winding up of State Cooperative Body

The govt has workedout a voluntary retirement scheme (VRS) for almost 224 workers of JAKFED, whose livelihoods would in a different way be adversely suffering from the verdict.

PTI

Updated:October 16, 2019, 10:03 PM IST

Jammu and Kashmir Govt Orders Winding up of State Cooperative Body
Representative Image. (Photo Credit: Getty Images)

Jammu: The Jammu and Kashmir govt on Wednesday ordered finishing up of unwell Jammu and Kashmir Cooperative Supply and Marketing Federation (JAKFED) Limited after thirty years of operation within the state.

The Registrar, Cooperative Societies, J&Ok issued an order for finishing up the federation.

“In workout of energy vested underneath sub-section (1) of part 47 of the Jammu and Kashmir Cooperative Societies Act, 1989, sanction is hereby accorded to the finishing up of JAKFED registered underneath the provisions of Jammu and Kashmir Cooperative Societies, 1989,” the order from the Registrar mentioned.

The govt had in 2017 constituted a managing committee to seem into the affairs of unwell JAKFED.

The provider advantages of over 200 workers of JAKFED can be safe in spite of the state govt’s resolution to finish up the loss-making Federation.

JAKFED’s cumulative losses stand at over Rs 67 crore.

The govt has workedout a voluntary retirement scheme (VRS) for almost 224 workers of JAKFED, whose livelihoods would in a different way be adversely suffering from the verdict.

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