Media reports widely talk about closure of the loss making JAKFED. They say that though the J and K government would close down the loss making JAKFED soon but service benefits of over 200 employees would be protected.
J and K Governor Satya Pal Malik has given the go ahead for the closing down of the ailing federation. JAKFED’s cumulative losses stand at over Rs 67 crore.
The federation is being closed down under Section 74 of the Jammu and Kashmir Cooperative Society Act, 1989.