Jammu, May 13: Out of 20 Public Sector Units in J&K, 19 have been skipping audit on their balance sheets and other financial statements for last so many years, ranging from four to 15 years.
 While the state government is claiming to have taken various measures to revive the loss making Public Sector Undertakings (PSUs), these units have failed to submit yearly audit reports making it difficult for the former to ascertain their financial position. 
 Successive governments have been asking for the annual financial statements from these ‘white elephants” but the management of the PSUs has given no two hoots to such calls.
 A recently released document observes, “This position renders it difficult to assume any PSU to be in profits unless audit position is up to date. This aspect of the matter is being seriously addressed by the government by providing a timeline within which the statutory audit has to be implemented”.
 According to the official figures, of the 20 PSUs only J&K Bank has submitted regular audit reports to the government.
 Admitting the mess in the PSUs, industries minister Surjit Singh Salathia told Greater Kashmir that there was need for a long term strategy “and we are taking steps in this regard”.
 Meanwhile, minister for education and public enterprises, Peerzada Muhammad Sayeed convened a meeting in Srinagar on Wednesday to review the performance of PSUs, an official spokesman said.
 The meeting was informed that out of 20 PSUs, 19 have not prepared up to date balance sheets for last so many years ranging between 4 to 18 years.
 It was revealed that J&K Project Construction Corporation (JKPCC), has not prepared its balance sheet for the last fifteen years.
 The minister directed the PSUs to take up the preparation of audited statements and balance sheets on priority adding that non-compliance on this account affects relationship of the PSU with   financial institutions for drawing loans for business development.
 Peerzada said he would himself monitor the activities of the PSUs with focus on appointment of auditors, preparation of audited statements, holding meetings of Board of Directors, vetting of the reports by CAG and finally holding the General Body meeting, on regular basis.

THE MESS MAKERS
* J&K Industries Limited: Government has asked the management to close down 10 out of 15 units running in losses, directed it to downsize its staff strength by offering VRS to 144 employees, identified 1077 employees as surplus out of the available strength of 1643 and asked  to lessen the huge wage bill of Rs 16.91 crore to Rs 6 crore.
* J&K Horticulture Produce Marketing and Processing Corporation: Audit Default for last 15 years. Forced to adopt VRS scheme for downsizing, there by reducing its wage bill.
* J&K Minerals Limited: Audit default for last 15 years, last audit 1992-93, downsizing of establishment by implementing VRS/GHS, asked to close down un-viable units.
* J&K Handicrafts Corporation: Not audited its account for last 11 years. Last audit conducted in 1997-98. Down sizing of employees started through VRS/GHS.
* J&K Agro-Industries Development Corporation: Last audit 15 years ago. To increase the business, asked it to start VRS scheme for employees.
* J&K Handloom Development Corporation: Last audit conducted 10 years ago in 1998-99. Corporation suffering huge  losses, asked   to     downsize employees’ strength.
* J&K State Financial Corporation: Audit default period 5 years. Having outstanding of Rs 35 crore on account of matured bond liabilities, Rs 21 crore   transferred to the corporation,.   Management restructuring to include downsizing   to reduce  establishment cost.
* J&K State Road Transport Corporation: Period of default 5 years, last audit 2004-05. Already started  downsizing of  staff

Lastupdate on : Thu, 13 May 2010 21:30:00 Makkah time
Lastupdate on : Thu, 13 May 2010 18:30:00 GMT
Lastupdate on : Fri, 14 May 2010 00:00:00 IST