CAG seeks status report on govt investments in PSUs

The office of the Comptroller & Auditor General of India (CAG) has asked the Odisha government to submit a status note on investments made by the government in the shares of state run companies, statutory corporations, joint stock companies, cooperative banks and societies by the end of 2013-14.

The information furnished by different administrative departments will be incorporated in the Finance Accounts of Odisha for 2013-14.

“In order to exhibit the correct position in the Finance Accounts for 2013-14, it is requested that the concerned department may furnish the correct and latest information in respect of each investment in the prescribed proforma. Arrangements may be made to ensure that the requisite materials are sent to this office by June 10”, Gargi Kaul, principal accountant general (Odisha) wrote to heads of all departments.

The departments are required to submit information on financial results of each company showing clearly the loss incurred or profit earned, whether the company has stopped or is continuing production, if the company has been liquidated, declaration of dividends and their crediting to government accounts, purchase price of shares of companies, number of shares and their face value and cases of write off or transfer of shares to any private entrepreneur.

They are also to submit information on major heads where the government has made investments in the companies or corporations.

“It has been noticed in the past years that due to non-receipt or late receipt of the required information, the complete and latest position at the end of a particular year in respect of some cases could not be incorporated in the publication. The department which makes the investment and watches its results is expected to keep the information up-to-date”, said a letter from Kaul.