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Telangana PSUs outside the oversight of State Legislature?
As per the latest report of the CAG, the non-submission of the annual accounts by the PSUs ranges from one year to 16 years
Hyderabad: The delay and non-submission of annual accounts of 29 autonomous bodies falling under the Telangana State Public Sector Undertakings (TSPSUs) is resulting in a mess.
According to the latest report of the Comptroller and Auditor General of India, the non-submission of the annual accounts by the TSPSUs ranges from one year to 16 years. Thus, making them dilute the accountability of the government entities, warns the CAG. Adding to this, the State government is yet to comply with the Indian Government Accounting Standards. Working of State Public Sector Undertakings (IGAS) makes the affairs of these SPSUs worse.
As of March 31, 2023, there were 83 State Public Sector Undertakings (SPSUs) in Telangana, including 77 government companies. Of them, 16 companies are inactive, either defunct or under liquidation. Three Statutory Corporations and three Government Controlled Other Companies are under the audit jurisdiction of the Comptroller and Auditor General of India (CAG). "Out of the 83 SPSUs, 8 SPSUs relate to the power sector and 75 relate to sectors other than power."
The audit noticed that the prescribed timelines regarding the submission of financial statements were not adhered to by 55 SPSUs whose 196 accounts were in arrears. Out of the total profit of Rs 3,857.48 crore earned by six working SPSUs, 98.76 per cent was contributed by three SPSUs only. One SPSU had reported nil profit or loss. Out of a total loss of Rs 11,969.66 crore incurred by 11 working SPSUs, a loss of Rs 11,898.57 crore was incurred by three SPSUs. The financial impact of CAG’s comments issued from October 2022 to September 2023 on the financial statements of SPSUs was Rs 757.21 crore on profitability and Rs 31,989.68 crore on the financial position.
Against this backdrop, the CAG said the State government may insist upon the management of SPSUs to ensure timely submission of their financial statements. Observing in its report the absence of finalised accounts, "Government investments in such SPSUs remain outside the oversight of the State Legislature." The State Government may analyse the reasons for losses in loss-making SPSUs and initiate steps to make their operations efficient and profitable. The State Government may also review the inactive government companies and take appropriate decisions on their revival/ winding up.
