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| ‘20 PSUs concealing financial information’ | | | early times report
JAMMU, Mar 7: Even as the government is considering revival of sick Public Sector Undertakings (PSU), 20 such bodies have failed to submit their financial statements for the past one decade.
In some cases the lapse is spread over a period of fifteen years. However, some have failed to comply with the essential requirement for five years, official data revealed.
Pertinent to mention, the government has been asking for financial statements from what an official called `white elephants' without success. The government had plans to revive the sick PSUs but their failure to submit the financial statements has been taken serious note of. The PSUs have now been told to down size the number of employees by implementing VRS/GHS on priority basis.
According to the official figures, only JK Bank has 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 to the tune of just Rs 40.85 crore.
This is the dividend received by the state from J&K Bank Limited, 39.95 crore, J&K Cements Limited, Rs 60 lakh and JKPCC 30 lakh.
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".
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