x

Like our Facebook Page

   
Early Times Newspaper Jammu, Leading Newspaper Jammu
 
Breaking News :   Govt can retire employee at 48-yrs of age or after 22 yrs of service | Farooq’s Bathindi mansion built on state land mocks at system | Lone’s closest colleague leaves him in disarray | ‘Corrupt’ cop managing illegal activities, trade | JK reports 584 new cases of Corona Virus, 10 fresh deaths in 24 hours | Complaints closed without disposal on ground | Finance Deptt’s new notification leaves college teachers guessing | LG Sinha assures conservation, protection of culture & heritage of J&K | Book Deepika for hurting sentiments of people: Parneesh | Jhanzaib tears apart BJP for ‘zero’ development in Chenab region | COVID-19: Govt evacuates 6,73,525 stranded JK residents; 5,33,233 via Lakhanpur, 1,40,292 through special trains | Panchayat By Elections: DC holds meeting with ROs, AROs at Kathua | LIC launches New Jeevan Shanti scheme | VC SKUAST-J takes stock of School of Biotechnology | J&K needs sustainable solution to strengthen its economic base: VKS | SKS asks LG to clear stand on rehabilitation of KPs | NBS writes to Defence Minister | KCWT activists pay tributes to martyrs | KVK Reasi organizes Field Day on Sesame Crop | Heroin worth crores recovered in Mendhar | ‘We The Human’ reaches out to needy family in village Langotian | JKSAC observes black day, remembers martyrs of 1947 | Tejass Foundation holds protest against alleged corruption in Bijarani | Short-term course on virtual lab starts at Govt Polytechnic Jammu | Mehbooba Unnerved | India trashes 1959 LAC, China frustrated at India’s infra progress, claims Ladakh | Extension of DDC system of governance to jk an appreciable step but half backed | Munish Gupta asks government to solve problems of people of Sector 7 Lane 8 Guru Nanak Nagar | Farooq Abdullah reviews developmental scenario, implementation of schemes in Ganderbal | Union Home Secy reviews apportionment of assets and liabilities between J&K, Ladakh | Rahul Sahai appointed as Chairman PHDCCI of Jammu chapter | Steep price hike of essential commodities breaks backbone of poor | Deptt releases payments despite road works left midway | Govt sets up target to double enrolment in various developmental schemes | 15 years on, Anantnag continues to remain without Master Plan | Mehbooba gets back to work, holds first meeting of PDP | Two newly recruited Al-Badr militants surrender in Tujjar Sopore | ADC seizes FPS in Nowshera after misconduct comes to fore | Principal Secretary chairs DPC meeting of A&SH, promotes 143 eligible Veterinary Doctors | Advisor Bhatnagar reviews major H&ME projects of J&K | Chief Secretary reviews 'One District-One Product' scheme | Discrimination with PoK DPs escalated post scrapping Art 370, 35A: Chuni | JTC, stages protest demands jobs, relief | Commissioner Secretary reviews progress on recommendations of Committee on Business Revival in J&K | ECPFWA distributes tea set among War widows | JKCNGEEU highlights pending demands | IGP Jammu inaugurates Police Martyrs' Memorial Sports Festival | Court rejects bail of wife facing trial in husband's murder | JKTWO holds election, Balbir elected as chairman | Security forces launches CASO in north Kashmir | 14 bovines rescued, vehicle seized | Kailash Verma quits as adhoc committee member | Bandipora Police solves murder case; FIR registered, accused arrested | Bring some statute to regulate distributors and company, FAIVM urged Government | NGEU JU token strike continues, takes out protest rally | Common Kashmiri don't regret abrogation of Article 370: Aditi | JMC Mayor inaugurates development activities | Deepika deserves exemplary punishment for hurting sentiments of Hindus: Raman Suri | J&K LSA, Forest Department launch 'Miyawaki' method of Plantation | Naka Manjari Chowk dedicated to martyred constable | DC Poonch discusses arrangements for Dussehra, Eid-e-Milad-un-Nabi | Floral tributes paid to Paswan | SKY distributes free smart phones among underprivileged students | DM SMVDSB flags off Prabhat Pheri | NGO members meet SSP Traffic | District level inter zonal tournament starts at Udhampur | Registration camp for Ayushman Bharat Yojana held at Ward No 20 | Athletics competition held on third day of zonal level meet | News18 Urdu organizes musical talent hunt competition | I&C department's Divisional Level Committee sanctions subsidy cases of Jammu district | Udhampur: DAC on Youth programme discusses activities for current year | Bakaya inaugrates show room | Back Issues  
 
news details
JKPCC fails to finalise accounts amid decline in value of works: CAG
9/26/2020 11:44:58 PM
Early Times Report
Jammu, Sept 26: The Jammu and Kashmir Projects Construction Corporation (JKPCC) Limited came up for sharp criticism from the Comptroller and Auditor General (CAG) for its poor performance and failure to finalise its accounts amid sharp decline in the value of works from Rs 364.19 crore in 2012-13 to Rs 250.65 crore during 2016-17.
The public sector undertaking (PSU) firm was dependent on the state government departments or agencies for works on nomination basis and had failed to secure any work on competitive tender basis, the CAG said in its report on revenue sector and PSU (social, general and economic sectors) on the government of J&K for the year ending March 31, 2017, which was tabled in Parliament this week.
JKPCC was incorporated with the objective of execution of construction works for the state and central governments and PSUs, carry on the business of builders, contractors, engineers, architects, surveyors, estimators and designers in J&K and curb monopoly of private contractors and provide healthy competition between private and public sectors. "The company had finalised its accounts up to 2010-11 only. The value of works done decreased from Rs 364.19 crore during 2012-13 to Rs 250.65 crore during 2016-17. It suffered loss of Rs 3.95 crore and Rs 11.69 crore during 2014-15 and 2015-16, respectively, the report said.
It said the shortfall in achievement of targets of value of works done remained between 29 and 50 per cent. "Funds ranging between 58.52 per cent and 75.55 per cent only were utilised on works during 2012-17". The report said the service tax of Rs 5.14 crore paid in excess had neither been reconciled nor refund thereof received. "The company had not submitted revised cost offers, to the extent of Rs 22.66 crore, to reflect enhanced rate of service tax and made payment of service tax at the enhanced rate without actual recovery of Rs 3.45 crore from the project authorities," the report said. It said the company was dependent on the state departments and agencies for works on nomination basis and had failed to secure any work on competitive tender basis. "The quantum of new works obtained declined during 2012-16 from Rs 349.48 crore to Rs 236.03 crore, but increased during 2016-17 to Rs 696.64 crore. Execution of works in excess of the funds released by the project authorities led to accumulation of outstanding balance of Rs 188 crore as of March 2017 and loss of interest of Rs 26.56 crore," it said. The delay in completion of works led to increase in cost to the extent of Rs 360.87 crore which was mainly due to poor monitoring by company and slow progress.
It said the company had not framed any recruitment and promotion policy and staff had been deployed at different units in an ad hoc manner. The report said JKPCC did not devise any mechanism for ensuring continuous monitoring and internal control.
"Weak quality control, inadequacy of internal audit and variations amongst performance reports were observed," the report said. Jammu and Kashmir had 30 working PSUs (27 companies and three statutory corporations) and three non-working PSUs.
The working PSUs recorded a turnover of Rs 8,357.91 crore as per their finalised accounts as of September 30, 2017. As on March 31, 2017, the investment (paid-up capital, free reserves and long-term loans) in 33 state PSUs and statutory corporations was Rs 7,426.67 crore, the report said adding the power sector accounted for 43.47 per cent (Rs 3,228.68 crore) of the total investment as on March 31, 2017. The total investment consisted of 21.70 per cent towards paid-up capital and 78.30 per cent as long-term loans, it said. It said the investment has grown by 45.08 per cent from Rs 5,119.04 crore in 2012-13 to Rs 7,426.67 crore in 2016-17.
  Share This News with Your Friends on Social Network  
  Comment on this Story  
 
 
 
Early Times Android App
STOCK UPDATE
  
BSE Sensex
NSE Nifty
 
CRICKET UPDATE
 
 
 
 
 
 
 
 
   
Home About Us Top Stories Local News National News Sports News Opinion Editorial ET Cetra Advertise with Us ET E-paper
 
 
J&K RELATED WEBSITES
J&K Govt. Official website
Jammu Kashmir Tourism
JKTDC
Mata Vaishnodevi Shrine Board
Shri Amarnath Ji Shrine Board
Shri Shiv Khori Shrine Board
UTILITY
Train Enquiry
IRCTC
Matavaishnodevi
BSNL
Jammu Kashmir Bank
State Bank of India
PUBLIC INTEREST
Passport Department
Income Tax Department
JK CAMPA
JK GAD
IT Education
Web Site Design Services
EDUCATION
Jammu University
Jammu University Results
JKBOSE
Kashmir University
IGNOU Jammu Center
SMVDU