Heavy loss for TANGEDCO due to poor financial management: CAG

State run companies, including the transport corporations and the electricity board -- Tamil Nadu Generation and Distribution Corporation Ltd (TANGEDCO), have incurred significant losses due to poor financial management and planning, a CAG report said.
TANGEDCO and the eight state transport corporations incurred heavy losses, the Comptroller and Auditor General of India said in its latest report tabled in the Assembly today.
"While TANGEDCO incurred loss of Rs 11,679.07 crore as of September 30, 2014, the eight state transport corporations incurred losses of Rs 1,265.96 crore," it said.
Some of the reasons for incurring losses, the report said, were mainly attributable to "deficiencies in financial management, planning, implementation of project, operations and monitoring".

Among the government agencies which registered profits were Tamil Nadu Transmission Corporation Ltd at Rs 236.44 crore, State Industries Promotion Corporation of Tamil Nadu Ltd at Rs 196.47 crore, Tamil Nadu Newsprint and Papers Ltd (Rs 161.18 crore) and Tamil Nadu Power Finance and Infrastructure Development corporation at Rs 107.64 crore, it said.