news details |
|
|
| 11 PSUs ‘bleeding red’ with Rs 2077 Cr balance | | 10 years after Godbole, J&K Minerals, J&K AIDC, J&K SRTC and J&K Industries Ltd top the bankruptcy list | | AHMED ALI FAYYAZ
SRINAGAR, Sep 1: In the year 1999, Godbole Committee had recommended closure of almost all the “Corporations” that had been running in the red but providing livelihood to nearly 22,000 staff in Jammu & Kashmir. With few employees showing receptivity to Godbole’s ‘Golden Handshake’ and the successive governments turning the Public Sector Undertakings (PSUs) into their fiefdom, cumulative red balance of eleven Corporations has reached Rs 2077.35 on March 31, 2009.
In written reply to MLA Zadibal Pir Afaq Ahmed’s un-starred question in Legislative Assembly today, Minister of Finance Abdul Rahim Rather made a startling disclosure when he said that as many as eleven of the state government’s Corporations had gone miserably bankrupt. According to his figures, red balance of these Corporations was Rs 2077.35 cr on March 31, 2009.
Finance Minister’s statistics revealed that the totally defunct Jammu & Kashmir Minerals Ltd had the dubious distinction of topping the list with the cumulative loss of Rs 422.00 cr. It is closely followed by Jammu & Kashmir Agro Industrial Development Corporation with the red balance of Rs 400.63 cr. Much infamous, J&K State Road Transport Corporation had loss of Rs 389.21 cr while as J&K Industries Ltd stands at No: 4 with the huge red balance of 340.15 cr.
While J&K State Financial Corporation was suffering from the cumulative loss of Rs 200 cr, J&K State Scheduled Caste, Scheduled Tribe and Other Backward Classes Corporations was functioning with the red balance of Rs 100.34 cr. These are followed by J&K State Handicrafts (Sales & Export) Corporation [Rs 88.85 cr], J&K State Handloom Development Corporation [Rs 77.87 cr], J&K State Industrial Development Corporation [ Rs 46.00 cr], J&K State Small Scale Industries Development Corporation [Rs 7.80 cr]and J&K State Horticulture Produce and. Processing Corporation [4.50 Cr].
Rather revealed that J&K Projects Construction Corporation had recorded cumulative profit of Rs 8.00 cr, followed by J&K State Cable Car Corporation [Rs 5.30 cr], J&K Cements Ltd [Rs 3.56 cr]. According his figures, J&K State Tourism Development Corporation had ended up with the total profit of Rs 23 Lakh. He said that J&K State Forest Corporation, which gets timber from Forest Department at marginal royalty and sells at on high rates by auction and supply to Forest Depots, had its coffers filled with profit of Rs 856.67 cr. J&K State Power Development Corporation has recorded profit of Rs 37.17 cr till the end of last financial year.
Responding to the MLA’s query regarding the state Government’s steps being taken to make various corporations profitable, Finance Minister said that one-time funding of Rs 6.00 cr for purchase of stocks for trade could make J&K State Handicrafts (Sales & Export) Corporation viable and self-sufficient for meeting its annual expenditure. He, however, did not make any commitment to provide the financial support. He said that revival plan for J&K State Handloom Development Corporation was “under submission for implementation”.
As regards the financial position of SIDCO, Mr Rather said that the Corporation intended to upgrade the existing infrastructure and establish new Industrial estates and common facilities at an accumulated cost of Rs 50.95 cr during 2009-10. “This will help the Corporation in generating revenue by sale of industrial plots and would throw land and common facilities” Minister said and clarified that during 2008-09, they made profits of Rs 842.65 cr before depreciation and taxes”.
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
|
|
|
 |
|
|
