Net worth of 34 PSEs in Karnataka is "either zero or negative": CAG
Bengaluru: A report from Comptroller & Auditor General (CAG) in its State Finance Audit Report for the financial year that ended in March 2022 tabled in the Karnataka Assembly on Tuesday mentioned that there are 34 state-run Public Sector Enterprises (PSE) whose net worth is “either zero or negative” due to accumulated losses.
Four Escoms (Bescom, Hescom, CESC and Gescom), four transport utilities (KSRTC, BMTC, NWKRTC and KKRTC), Lidkar, MySugar, Karnataka Pulpwood Limited, KSTDC are among the 34 PSEs whose net worth is completely eroded, as reported by the Deccan Herald.
The CAG noted that the PSEs are not following the stipulated timeline on submitting their financial statements as per the Companies Act. It added that 204 accounts of 86 government companies were in arrears along with six accounts of four statutory corporations as a result of not adhering to the prescribed timeline.
The audit found out that in 26 out of 34 PSEs whose capital has been crumbled, government loans outstanding as on March 2022 totalled to Rs 42,567.68 crore.
The CAG highlighted that the 13 inactive government companies have an investment of Rs 607.78 crore towards capital (Rs 160.21 crore) and long-term loans (Rs 447.57 crore). It further noted that this is an important area since investments in active Public Service Undertakings (PSUs) do not add to to the economic growth of the state.
Furthermore, the report pointed out that although the number of PSEs that generate profit had increased to 55 in 2021-22 from 50 in the previous year, the profit earned reduced to Rs 2,608.22 crore in 2021-22 from Rs 2,987 crore in 2020-21.
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Allen, Raghuvanshi, Green power KKR to 29-run win over GT
Kolkata (PTI): Finn Allen blasted a 35-ball 93, while Angkrish Raghuvanshi hit an unbeaten 44-ball 82 as Kolkata Knight Riders kept their playoff hopes alive with a 29-run win over Gujarat Titans in the IPL match here on Saturday.
Sent in to bat, Allen went on a six-hitting spree, smashing 10 maximums and four boundaries to add 95 off 41 balls with Raghuvanshi (82).
Raghuvanshi then shared another 108 off 53 balls with Cameron Green (52 not out) to power KKR to a challenging 247 for 2.
In reply, GT could manage 218-4, riding on skipper Shubman Gill's 49-ball 85 and a 35-ball 57 from Jos Buttler. Opener Sai Sudarsan was retired hurt but returned to make a 28-ball 53 not out.
Sunil Narine (2/29) claimed two wickets and Saurabh Dubey snapped one for KKR.
For GT, Mohammed Siraj (1/50), Sai Kishore (1/38) were the wicket-takers.
Brief Score:
KKR: 247 for 2 in 20 overs (Finn Allen 93, Angkrish Raghuvanshi 82 not out, Camero Green 52 not out; Mohammed Siraj 1/50).
GT: 218 for 4 in 20 overs (Shubman Gill 85, Sunil Narine 2/29).
