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'Wrong decisions likely to be approved in board meetings of PSUs' | | | Ishtiyaq Ahmad Early Times Report srinagar, Nov 17: The managements of Public Sector Undertakings (PSUs) falling under the jurisdiction of Industries and Commerce Department are likely to get approval for 'wrong decisions' during the forthcoming board meetings. The government has fixed schedule of board meetings of all PSUs. Highly placed sources told Early Times that top managements of the PSUs are trying to seek approval and ratification of certain decisions which have been taken in contravention to the laid down procedures and rules. Sources sad that almost all the corporations have shown decline in commercial turnover, production, and profits and have turned into loss-making ventures. The reason for the loss is said to be undue promotions of 'blue eyed' officials, back door appointments, contractual appointments and an army of daily wagers. Sources said the corporations are meeting the undue expenditure of Commissioner Secretaries' and cabinet ministers which goes much beyond the sanctioned budget limits, resulting in heavy loss to the corporations. Most of the corporations have purchased new vehicles, which have been provided as one of the facilities to the ministers and bureaucrats and the expenditure is borne out by the PSUs. "For approval of such misdeeds, the top managements of the PSUs are framing agenda very discretely after taking Commissioner Secretary, Industries on board," said sources. It is to be mentioned that these board meetings are being held after this newspaper reported that there has been an inordinate delay in convening meetings, which was against the company laws. The delay is attributed to the downfall in the overall performance of PSUs and there was nothing to report to the board. Sources said that some of the officials are holding posts in PSUs for over last four years which has escaped from the eyes of General Administration Department (GAD). The GAD is charged with the responsibility to monitor the administrative matters, "but has lost the sight of such officers who have overstayed at one place of posting," sources added. |
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