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PSUs in doldrums for want of company secretaries, says Bedi

Press Trust of India  |  Puducherry 

: Lieutenant Governor of Puducherry Kiran Bedi on Tuesday alleged that the territorial government-owned public sector undertakings (PSUs) here were not being managed professionally as per the company law and the rules.

Bedi, addressing a joint meeting of officials of the National Institute of Public Finance and Policy (NIPFP) of the Union Home Ministry and those of the Finance Department of Puducherry, said in a whatsapp message: Most of the PSUs here had not complied with the law of aocieties and also the Companies Act.

Stating that most of the PSUsdid not have company secretaries who were essential to run the undertakings, she said they were also defaultingfinancially.

"No clear decisions are in sight on the future of the undertakings," she said adding: Barring a miniscule, almost all of the undertakings were in the ICU (intensive care unit) depending on meagre grants which also seem to be drying up for want of funds needed for infrastructure and not salaries always.

Appealing to the Centre to sanction some 'tied' funds to Puducherry to meet its essential investments or expenditure under sanitation programmes, Bedi said the meeting with the visiting team of officers of NIPFP would substantially benefit the union territory in getting expert guidance to manage the budget for the financial year ahead.

Territorial finance secretary Shurbir Singh was among those present.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, February 11 2020. 18:18 IST