The majestic building at the Ashram Chowk in Delhi , which once announced the glorious days of NAFED may soon be sold off. Nafed’s all properties including its headquarters are finally coming under the hammer.
Talking to Press Trust of India its MD Sanjeev Chopra hinted at selling off the offices of NAFED and eventually shifting to a rented office. Efforts to contact Bijender Singh, the Chairman could not succeed.
But given the bind in which it is caught in the wake of Agricultural Ministry’s refusal to come to its help, it is inevitable that Nafed would fold up its tents slowly.
The cooperative is experiencing lots of problems and betraying inability to survive them. It is expected to repay its whooping Rs. 2000 crore debt soon. Sources claim all its properties and possessions are being valued by experts.
The agri-cooperative is having negotiations with National Building Construction and Corporation for takeover of all its properties. However, approval from banks for the sale of properties would be required as they have initiated a suit against Nafed, said Nafed sources.
Earlier , the beleaguered NAFED Board in its meeting decided to reduce 10 percent expenses. The Directors also advocated cutting 25 percent of their sitting fees.
The Board also decided not to renew contractual assignments any more. There are more than 40 staffs associated with Nafed on terms of contract. Twenty-five of them are completing their term in a matter of 1-2 months.
Board also decided to work on the VRS scheme for employees to lighten the financial burden on the agri-cooperative. But it failed to work out the fund required for such a scheme. The bankrupt cooperative organization has practically no money to implement this scheme.
The NAFED which lost more than Rs 4000 crore in the tie-up business during the late Ajit Singh’s Chairmanship has been struggling hard to recover eversince. The present Board led by Chairman Bijender Singh has met the Ministry officials umpteen times seeking fund to put the cooperative back on the rails.