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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US sanctions 15 Indian entities among 275 for supporting Russia's military-industrial base
Washington (PTI): The US has imposed sanctions on 275 individuals and entities, including 15 from India, for allegedly supporting Russia’s military-industrial base.
Companies from China, Switzerland, Thailand, and Turkiye have also been slapped with sanctions for supplying Russia with advanced technology and equipment that it desperately needs to support its war machine, the Department of Treasury said in a statement on Thursday.
In addition to disrupting global evasion networks, this action also targets domestic Russian importers and producers of key inputs and other material for Russia’s military-industrial base, the statement said.
“The United States and our allies will continue to take decisive action across the globe to stop the flow of critical tools and technologies that Russia needs to wage its illegal and immoral war against Ukraine,” Deputy Secretary of the Treasury Wally Adeyemo said.
“As evidenced by today’s action, we are unyielding in our resolve to diminish and degrade Russia’s ability to equip its war machine and stop those seeking to aid their efforts through circumvention or evasion of our sanctions and export controls,” Adeyemo said.
The State Department has also targeted sanctions evasion and circumvention in multiple third countries, including several China-based companies exporting dual-use goods that fill critical gaps in Russia’s military-industrial base and entities and individuals in Belarus related to the Lukashenka regime’s support for Russia’s defence industry, the statement said.
The US also targeted several senior Russian Ministry of Defence officials and defence companies and those supporting Russia’s future energy production and exports.
As per the list released by the Department of Treasury, the India-based companies are Abhar Technologies and Services Private Limited; Denvas Services Private Limited; Emsystech; Galaxy Bearings Ltd; Orbit Fintrade LLP; Innovio Ventures; KDG Engineering Private Limited; and Khushbu Honing Private Limited.
The Indian companies also include Lokesh Machines Limited; Pointer Electronics; RRG Engineering Technologies Private Limited; Sharpline Automation Private Limited; Shaurya Aeronautics Private Limited; Shreegee Impex Private Limited; and Shreya Life Sciences Private Limited.
On Wednesday, the US had imposed sanctions on nearly 400 entities and individuals for enabling Russia’s illegal war against Ukraine.
"The Department of State is targeting sanctions circumvention by parties in multiple third countries, several senior Russian Ministry of Defence officials and defence companies, and those that support the development of Russia’s future energy production and exports," Secretary of State Antony Blinken had said in a statement on Wednesday.
The US, he said, is imposing sanctions on several Chinese companies exporting dual-use goods that fill critical gaps in Russia’s military-industrial base as well as entities and individuals connected to the Lukashenka regime’s support for Russia’s defence industry.
