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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KKR defeat LSG via Super Over
Lucknow (PTI): Kolkata Knight Riders edged Lucknow Super Giants via Super Overs in a battle between two bottom-placed teams in the IPL, here on Sunday.
Chasing a modest 156, LSG suffered a batting collapse and managed to tie the contest and take it to Super Over with No. 9 Mohammed Shami striking a last-ball six against a wayward Kartik Tyagi, who leaked 16 runs in the final over.
But Sunil Narine bowled a stunning Super Over conceding just one run and taking two wickets to give KKR an easy target.
Rinku Singh then finished the chase with a boundary off first ball from Prince Yadav.
Earlier the KKR were in deep trouble with 93/7 in 15 overs but Rinku smashed a sensational 83 not out from 51 balls including four sixes in a row in the final over to lift them to 155/7.
Cameron Green (34) was the only other batter to reach double-digit scores as KKR suffered a familiar batting meltdown with Mohsin taking his maiden fifer.
In reply, LSG continued their dismal show with the bat to succumb to their fifth loss in a row.
Brief Scores:
Kolkata Knight Riders 155/7; 20 overs (Rinku Singh 83 not out, Cameron Green 34; Mohsin Khan 5/23). Lucknow Super Giants 155/8; 20 overs (Rishabh Pant 42). KKR won via Super Over.
