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| 'White Elephants' eating J&K's crumbling Economy | | PSUs negate revival plan, Audit pending for years together | | Et Report
JAMMU, Sept 30: Contrary to the claims of State Government to bring the loss making Public Sector Undertakings (PSU) in the State back on the track, most of them have shown no intent to submit their Audited Financial Statements for the past several years leaving no space for transparency and financial accountability.
Pertinently, Government has been asking for the annual financial statements from these 'White Elephants", so that steps could be taken to give new lease of life to them and recover the huge investment made by the State besides creating avenues of employment for the ever-increasing number of unemployed youth. Fed up with the attitude of these units, government has now asked these loss making corporations to take steps to down size the number of employees by implementing VRS/GHS on priority basis.
According to the official figures, of the 20 PSUs, only J&K Bank submitted regular audit reports to the government.
Data says that the total investment made by the state government was Rs 332.64 crore and the returns on these investments are of the order of just Rs 40.85 crore which is the dividend received by the State from the following three PSUs: J&K Bank Limited (39.95 cr), J&K Cements Limited (Rs 0.6 cr) and JKPCC (0.3 cr).
A recently released document says, "This position renders it difficult to assume any PSU to be in profits unless audit position is up to date.
This aspect of the matter is being seriously addressed by the government by providing a timeline within which the statutory audit has to be implemented".
According to sources, Govt has asked J&K Industries Limited to close down 10 out of 15 units presently running and directed to downsize its staff strength by offering VRS to 144 employees.
Also, 1077 employees have been identified as surplus out of the available strength of 1643. It will lessen the huge wage bill from Rs 16.91 cr to Rs 6 cr.
Sources disclosed that J&K Horticulture Produce Marketing and Procession Corporation, and J&K Minerals Limited were at Audit Default for last 15 years and have been forced to adopt VRS scheme for downsizing to reduce its wages bill.
Similarly, J&K Handicrafts Corporation and J&K Agri-Industries Development Corporation have not audited their accounts for 11 and 15 years respectively. To increase the business, Government has asked the Agriculture Production Department to make all the purchases through Director.
J&K Handloom Development Corporation has not conducted audit for the last 11 years ago and J&K State Financial Corporation is at Audit default for the last six years.
The corporation has also an outstanding of Rs 35 cr on account of matured bond liabilities for which Rs 21 cr have already been transferred to the corporation. The J&K State Road Transport Corporation is also at audit default for last seven years. |
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