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| Financial mess in Power Development Corporation, mismanagement worth crores unaccounted: Audit | | | Syed Junaid Hashmi
Jammu, Aug 16: With state Government maintaining complete silence, financial mess coupled with lack of accountability in Jammu and Kashmir State Power Development Corporation (JKSPDC) has shown steep increase.
According to audit documents available with Early Times, miscellaneous advances to various officers amounting to Rs. 86.58 lakh parked surprisingly under the head 'Loans and Advances' has not been adjusted since September 30, 1997. If sources are to be believed, 70 percent of this amount is yet to be recovered from the officers, who took the same during their respective periods.
They added that some of the officers have even retired without paying even a single penny back to the corporation. Further, adjustment entries for an advance given by the Kargil unit in the year 1998-99 amounting to Rs. 10.95 lakh for supply of the material has not been passed despite lapse of more than 14 years. Audit found out that balance outstanding from the sole debtor i.e. Power Development Corporation (PDC) amounting to Rs. 701.91 crore had not been confirmed.
Not only this, SPDC was found lacking in making requisite efforts to confirm this huge amount. Further, State Power Development Corporation (SPDC) made no serious attempt to recover an amount of Rs. 79.14 crore from National Hydroelectric Project Corporation (NHPC). This amount was supposed to recover from NHPC against the project cost given to it for taking over Baghliar Project.
Audit found out that capital stores and stocks amounting to Rs. 42.96 crore reflected in schedule 5 of fixed assets is neither verifiable nor could be explained more particularly in view of the fact that company do have capital expenses debited under the head work in progress. SPDC also failed in explaining basis of charging an amount of Rs. 10.76 crore as interest to profit and loss account to the audit party.
Audit further found that balance outstanding in respect of bridge loans of Rs. 199.34 crore and term loans of Rs. 201.16 crore, Rs. 161.78 crore and Rs. 103.09 crore availed through Jammu and Kashmir Bank Limited (JKBL) have remained unconfirmed. It was also revealed that balance confirmations in respect of loans from Jammu and Kashmir Bank Limited, Power Finance Corporation (PFC), Rural Electrification Corporation (REC), HUDCO and state Government had not been done.
Audit of SPDC account revealed callousness of the officials in making necessary entries in the books of accounts. The corporation had not made entries of current liabilities amounting to Rs. 145.16 crore and the same, remained unverifiable. Further, SPDC failed to furnish details, on the basis of which audit could have verified the mechanism through which it provided Rs. 4.51 crore for salary and Rs. 2.14 crore for other expenses.
SPDC had also not maintained proper records in respect of bonds issued by it. Besides, the company had charged interest on Baghliar project on payment basis. Corporation slackness also reflects from the fact that it had not maintained records for its fixed deposits amounting to Rs. 48.06 crore with the bank. Audit observed that interest on fixed assets being booked at Rs. 2.07 crore could not be verified for want of necessary certificates from the bank. Further, this interest has been booked on accrual basis.
The accumulated losses of the company at the end of the financial year are less then 50 percent of its worth and it has not incurred cash losses in such financial year and in the immediately, preceding financial year. Jammu and Kashmir State Power Development Corporation (JKSPDC) has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the act. |
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