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65 Out of 74 Bihar PSU’s have Arrears in Accounts From 1977-78: CAG Report
July 31, 2018
The CAG report of FY17 reveals that as many as 65 PSUs in Bihar have arrears in accounts from 1977-78 and only 18 have finalized their accounts in the past 3 years. It also says that state legislature has warned that delay in non-preparation or finalization of accounts poses the risk of misrepresentation of facts and fraud.
Surprisingly, 10 of the 18 PSUs earned a profit of Rs. 278.18 crores while 7 reported a loss of Rs. 1437.93 crores. Overall, the 18 PSUs generated an average negative return on investment of 6.14%.
Photo credit: kenteegardin on Visual Hunt / CC BY-SA
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