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In cash-starved J&K, PSUs incur Rs 150 crore loss 11/29/2015 12:39:20 AM Peerzada Ummer Early Times Report srinagar, Nov 28: Despite J&K reeling under severe financial crunch with treasuries running dry, there was a loss of whopping Rs 150.70 crore to the exchequer due to bad performance of 12 Public Sector Undertakings (PSUs). Early Times has learnt from top sources that of the 23 working PSUs in the State, 12 have incurred loss of Rs 150.70 crore, with officials of two PSUs not even bothering to prepare profit and loss accounts since the financial year of 1996-97. The heaviest loss was incurred by State Road Transport Corporation to the tune of Rs 66.97 crore. J&K Industries Limited incurred a loss of Rs 46.83 crores while J&K Horticulture Produce Marketing and Processing Corporation Limited incurred loss of Rs 10.62 crore. Similarly, J&K Minerals Limited incurred loss of Rs 10.36 crore. These PSUs besides several others failed to forward even one account during the past, causing accumulation of the arrears ranging between four and nineteen years. Documents in possession of the Early Times reveal that there were also the arrears in finalization of accounts by non- working PSUs. Out of the three non- working PSUs, two of them namely Himalayan Wool Chambers and J&K Handloom Handicrafts Raw Material Supplies Organisation Limited had gone into liquidation process. The remaining one working PSU namely Tawi Scoters Limited had arrears of accounts for 24 years. Document also reveal that the State Government had invested Rs 790.63 cr which include Rs 64.57 cras equity, loans as Rs 354.03 cr, grants as Rs 359.44 cr and subsidy as Rs 12.59 cr during the years 2011-12, 2012-13, 2013-14. The administrative departments have the responsibility to oversee the activities of these entities and to ensure that the accounts are finalised and adopted by these PSUs within the prescribed period. Reports informed that there were no remedial measures taken by the administrative departments for the finalization of the accounts. It was learnt further that there are only two PSUs that are the major contributors to the State exchequer. It is the J&K Bank and the J&K State Power Development Corporation. Furthermore, during the scrutiny of the records, it was found that the State Government did not formulate any dividend policy under which PSUs could be required to pay a minimum return on the paid up share capital contributed by the State Government.   Share This News with Your Friends on Social Network     Comment on this Story

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