Banks, former promoters accused of collusion in JCT power cut, asset mismanagement

The JCT Ex-Employees Union has accused former promoters of JCT Ltd. and several banks — including Indian Bank, State Bank of India (SBI), Punjab National Bank (PNB) and Bank of Baroda — of colluding to disrupt a forensic audit into alleged financial irregularities by orchestrating a power disconnection at JCT Colony.

In a press release issued on Sunday, Union President Vaneet Sahni claimed that although the National Company Law Tribunal (NCLT) had ordered power restoration on February 25, the banks and former promoters soon replaced the Insolvency Resolution Professional (IRP) and allegedly refused to clear power bills, stalling the investigation process.

The union further alleged unapproved sales of machinery from JCT’s Chohal and Phagwara units, and claimed that inventory worth Rs 150 crore has gone missing. Sahni also said that despite tax notices being issued in connection with suspected black money transactions amounting to Rs 303 crore, the banks have not filed any FIRs or taken action against the former promoters.

The union accused management and certain EPFO officials of withholding employees’ provident fund contributions after the closure of JCT plants during 2023–24, leaving thousands of workers without their due payments.

Backed by Phagwara MLA Balwinder Singh Dhaliwal, the union has demanded a probe by a central investigating agency into the matter.