CAG report reveals PSU 'financial irregularities' of Rs 1,404.3 cr

New Delhi, Apr 24 (UNI) The compliance audit of Public Sector Undertakings (PSUs) by the Comptroller and Auditor General of India (CAG) has reported financial irregularities to the tune of Rs 1,404.32 crores.

The two report which were tabled in the Parliament today, pointed out to a revenue loss of Rs 465.39 crore due to non-maintenance of proper records, non-compliance of rules, regulations and control weakness etc.

Violation of contractual obligations, undue favour to contractors resulted in Rs 378.84 crore of loss.

Overpayments, wasteful, excess, avoidable expenditure has resulted in Rs 256.01 crore loss; irregular payment to employees, short accountal of inventory and non-disposal of shares etc amounting to a loss of Rs 250.46 crore.

Idle investment and blocking of funds etc, amounted to Rs 32.91 crore of loss and the amount of about Rs 20.71 crore were recovered at the instance of Audit carrid on by the CAG audit.

''The sectors in respect of which major irregularities have been pointed out in the report are coal Rs 101.14 crores, Trading Rs 119.14 crores, Steel Rs 42.60 crores, Petroleum and Natural Gas Rs 375.59 crores, Civil Aviation Rs 124.23 crores and an amount of Rs 473.83 crores in Public Distribution,'' Deputy CAG M S Bharti told reporters here.

The report highlight deficiencies in the management of PSUs, which had significant financial implications, she added.

MORE UNI BJR SR PM1946