"We are hoping that the new board members will revive the company. However, our task is becoming more difficult with each passing day. We are unable to cater to customer demands from onsite projects (ongoing projects abroad) for want of visas, air tickets, Forex and CWM cards," a senior company officer is reported as saying.
He explained that none of the company branches in carry cash transactions either for air tickets or for Forex (foreign exchange). The main office of the company maintains annual contracts with Forex dealers and travel vendors, which will be settled after the travel proposal is sanctioned by the project heads at various branches.
"Hitherto, no one refused to supply Forex or book air tickets once I mailed them the order. However, since last week, our contractors have stopped giving us credit and are demanding previous dues. I have not been able to send a single person onsite and all those who are onsite, are stranded," the officer said.
The same is the case with vendors appointed to get the visas processed from the consulates. "The vendors have simply refused to process our papers and get the visas stamped," he said.
Several crucial onsite projects have also been postponed indefinitely. "Clients are mailing us every day asking when the new manpower will be sent and we are unable to answer them," he said.
The onsite employees are also running out of cash. Every employee sent abroad for onsite projects is provided with a CWM (carry world money) card. The company puts the money in the card account from India and the employees are able to withdraw the same onsite to pay for lodging, travel and hotel bills and other office work-related expenses.
"CWM cards are getting depleted. Onsite salaries, which are made every fortnight, have still to be disbursed. The employees are worried as not all have reserves," the officer said.
"It has become impossible for them to focus on the project and satisfy the demands of the clients."
He said that the existing problems have been brought to the notice of the existing board members and they have promised that they will deal with it. "They have been promising to take action for the last one week and the clients are getting agitated," said the officer.
"The issue is not just about the non-payment of salaries, the possible attrition or about the competition poaching our clients. The liquidity crunch affecting critical air travel and transactions of Forex and CWM cards will alone ruin our onsite customer base," he added.
OneIndia News (With inputs from Agencies)