Accounts of Assam PSUs in arrears up to 24 years: CAG

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Guwahati, Mar 3 (UNI) Accounts of all the 49 Public Sector Undertakings (PSUs) in Assam were in arrears ranging from one year to 24 years as on September last, with 15 of these incurring losses that exceeded their paid up capital.

This was revealed in the Comptroller and Auditor General (CAG) of India report (commercial) for the year ended March 31, 2007, which was tabled in the state Assembly today.

The state had 49 PSUs as on March 31, 2007, comprising 45 government companies and four statutory corporations. Of the 45 government companies, only 35 were working while all the four statutory corporations were working.

The CAG report informed that the total investment in the working PSUs increased from Rs 1,984.18 crore as on March 31, 2006, to Rs 2,622.86 crore in the next year. The total investment in the 10 non-working PSUs also rose from Rs 68.26 crore to Rs 83.01 crore during the same period.

However, none of the working companies and statutory corporations had finalised their accounts for the year 2006-07, the CAG report said.

The accounts of the 35 working government companies and four working statutory corporations were in arrears for periods ranging from one year to 22 years, while those of 10 non-working government companies were in arrears from periods ranging from six to 24 years as in September 2007, the CAG report informed.

It further informed that as per the latest financial accounts, six government companies had earned an aggregate profit of Rs 36.82 crore. Against this, 29 working PSUs incurred an aggregate loss of Rs 1,068.94 crore.

Four companies had not commenced commercial activities and hence, had not prepared profit and loss statements.

Of the 25 loss incurring companies, 12 companies had accumulated losses aggregating Rs 143.52 crore, which exceeded their paid up capital of Rs 28.65 crore.

Three loss incurring statutory corporations had accumulated aggregate losses of Rs 6,192.93 crore, which exceeded their paid up capital of Rs 1,531.16 crore.

In its observations on transaction audit of the PSUs, the CAG report said most losses were incurred due to non-recovery of dues, irregular sanction of equity capital excess payment, avoidable expenditure, infructuous payment and delay in completion of projects.

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