PSU irregularities bill Rs 1,404 cr

The Comptroller and Auditor General of India (CAG) has found major irregularities in six sectors - public distribution, civil aviation, petroleum and natural gas, steel, trading and coal - in its audit of 50 PSUs for the year ended March 2007. The CAG report was tabled in Parliament on Thursday.
The audit highlights the deficiencies in the management of PSUs, which had significant financial implications, according to a CAG statement. The total financial impact of the irregularities across the audited PSUs is Rs 1,404.32 crore. While public distribution accounts for losses worth Rs 473.83 crore due to management deficiencies, in civil aviation it is Rs 124.23 crore, petroleum and natural gas Rs 375.59 crore, steel Rs 42.6 crore, trading Rs 119.14 crore and coal Rs 101.14 crore.
In case of civil aviation, the report elaborates on the loss of revenue and excess expenditure suffered by Indian Airlines.
CAG said the government should make it mandatory for the Central Statutory Corporations to form board and members level audit committees.
25/04/08 Nivedita Mookerji/DNA MONEY/Sify

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Categories: Indian Aviation- In General Apr 2008