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Compliance Financial Performance
Jharkhand

Report No. 1 of 2014 - Report of the Comptroller and Auditor General of India on Public Sector Undertakings for the year ended 31 March 2013 of Government of Jharkhand

Date on which Report Tabled:
Wed 05 Mar, 2014
Date of sending the report to Government
Government Type
State
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Sector Power & Energy,Industry and Commerce,Environment and Sustainable Development,Agriculture and Rural Development

Overview

Audit of Government companies is governed by Section 619 of the Companies Act, 1956. The accounts of Government companies are audited by Statutory Auditors appointed by CAG. These accounts are also subject to supplementary audit conducted by CAG. Audit of the Jharkhand State Electricity Board (JSEB) is governed by the Electricity Act, 2003. As on 31 March 2013, the State of Jharkhand had 14 working Public Sector Undertakings (PSUs) (13 Government companies and one Statutory corporation), which employed 7,773 employees. The working PSUs registered a turnover of Rs.2,563.86 crore as per their latest audited accounts.                        

As on 31 March 2013, the investment in 14 PSUs was Rs. 6,606.39 crore. It grew by 79.85per cent from Rs. 3,673.29 crore in 2007-08. Power Sector accounted for nearly 98.14 per cent of the total investment in 2012-13. The Government contributed Rs. 1,764.37 crore towards equity, loans and grants/subsidies during 2012-13.                                              

Out of 14 PSUs, seven PSUs earned aggregate profit of Rs.26.35 crore and four PSUs incurred aggregate loss of Rs. 3,352.95 crore as per their latest audited accounts. The remaining three PSUs did not submit their accounts. Heavy losses were incurred by the JSEB and Tenughat Vidyut Nigam Limited to the extent of Rs. 3,211.03 crore and Rs. 140.51 crore as per their latest audited accounts for the years 2011-12 and 1999-2000 respectively. A review of the latest Audit Reports of CAG shows that the State PSUs incurred controllable losses to the tune of Rs. 3,257.35 crore and infructuous investment of Rs. 67.81 crore which were controllable with better management

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