Hyderabad, Mar 30 (Maxim News): The CAG report on the activities and profits and losses of Telangana public sector undertakings has been released. The Comptroller and Auditor General (CAG) has made key comments on the performance of the public sector till March 2023. The report revealed that there are a total of 83 public sector undertakings in the state, out of which 16 are closed or in liquidation. It is said that 49 of the remaining 67 undertakings have delayed in submitting their accounts. With this, the CAG revealed that the performance of only 18 undertakings has been taken up for analysis (CAG report Telangana).
The CAG said that out of the 18 companies taken for analysis, 11 were in losses and only 6 were in profits. It revealed that the net worth of nine companies was completely dissolved due to losses. It expressed concern over the non-submission of accounts by 71 companies. It said that 9 out of 15 companies had not appointed independent directors and no meetings of independent directors were held anywhere. It said that there was no audit committee in 5 companies and no NRC committee was formed in 9 companies (Telangana PSUs audit).
The CAG has made several recommendations to public sector undertakings. It has suggested that the performance of loss-making companies should be reviewed (CAG findings). It has said that loss-making companies should be given incentives or completely closed down. It has also made several suggestions to the Singareni company. It has suggested that the OBR should change the safety provisions in contracts and review the coal transportation charges. It has said that processed ash or mine surface materials should be used instead of river sand to fill the excavated mines. (Maxim News)
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