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Funds paucity cripples `Chinthamani'

L.N. Revathy

COIMBATORE, Nov. 22

THE very existence of the Chinthamani Super Market -- once a model co-operative store in the country is at stake.

Started way back in 1966 with seven branches and 20 marketing outlets, spread over Trichy, Erode and Coimbatore districts, the once cash-rich Chinthamani is now crippled for want of funds.

Barring a couple of outlets, which are also functioning only for namesake, the rest have wound-up. Blaming the Governmental policies and the alleged looting by the management, Mr M. Arumugham, Honorary President, Chinthamani Employees Union (affiliated t o the AITUC) said `the present predicament is mainly due to political interference and the lack of political will to run the supermarket profitably'.

The supermarket started incurring losses after 1978-79. From Rs 20.70 lakh in 1982-83, the net loss soared to Rs 1.67 crore six years later in 1988-89 and touched Rs 3.30 crore in 1997-98. The accumulated loss is said to have crossed Rs 20 crore.

Meanwhile, after about 23 years, a democratically elected team of office bearers assumed charge in August 1998, to revive this crisis-ridden co-operative supermarket. But the situation did not improve, despite the attempts made by the Board to restore th e ill-fated Supermarket.

At present at least eight-month wages remain unpaid to the 250-odd employees, now on the roll. Settlement of dues to over 200 employees, who had opted for voluntary retirement is also pending.

Chinthamani Employees Union (AITUC) has sought immediate Government intervention to the plight of the ailing supermarket.