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Financial
Punjab

Report No. 5 of 2021 Report on General Purpose Financial Report of the State Public Sector Enterprises for the year ended 31 March 2020 - Government of Punjab

Date on which Report Tabled:
Wed 29 Jun, 2022
Date of sending the report to Government
Thu 03 Feb, 2022
Government Type
State
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Sector Power & Energy

Overview

In accordance with Article 151 of the Constitution of India and Section 19-A of the Comptroller and Auditor General’s (Duties, Powers and Conditions of Service) Act, 1971, the Report of the Comptroller and Auditor General of India on General Purpose Financial Report of theState Public Sector Enterprisesfor the year ended 31 March 2020 - Government of Punjab, was forwarded to the State Government on 3rd February 2022 for laying in the State Legislature. The Report was laid in the State Legislature on 29th June 2022.

The State of Punjab had 33 working State Public Sector Enterprises (29 companies and four Statutory corporations) and 16 inactive companies. As on 31 March 2020, the total investment (equity and long-term loans) in 33 workingState Public Sector Enterprises (SPSEs)was ₹ 58,198.30 crore out of which the State Government contributed ₹ 39,388.82 crore.

This Report comprises of six chapters and presents the financial performance of SPSEs (State Government Companies, Statutory Corporations and Government Controlled Other Companies) set up under the Companies Act, 2013 and the statutes enacted by Parliament/ State Legislature. Financial performance of the SPSEs operating in Power Sector has been discussed in Chapter-I and that of the SPSEs operating in Other than Power Sector in Chapter-II. Chapter-III highlights Oversight role of the Comptroller and Auditor General of India and features significant comments of the Comptroller and Auditor General of India issued as supplement to the Statutory Auditors’ Reports on the State Government Companies. Chapter-IV reviews the compliance of SPSEs with Corporate Governance provisions under the Companies Act, 2013 and Regulations of Securities and Exchange Board of India under the administrative control of various Departments of State Government. Chapter V ascertains whether the provisions of the Companies Act, 2013 and Companies (Corporate Social Responsibility Policy) Rules, 2014 were complied with by SPSEs while Chapter VI studies the implementation of Indian Accounting Standards (Ind AS) in Phase I & II to assess how far the various provisions of Ind AS were complied with by SPSEs at the time of adoption and the impact of implementation of Ind AS on the financial statements of SPSEs. 

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