Performance
Himachal Pradesh

Report No. 2 of 2013 - Performance Audit on Public Sector Undertakings (Economic Sector) of Government of Himachal Pradesh

Date on which Report Tabled:
Fri 21 Feb, 2014
Date of sending the report to Government
Government Type
State
Sector -

Overview

This Report contains 12 paragraphs and two Performance audit on 'Beas Valley Power Corporation Limited' and 'Power Purchase Agreements', involving Rs. 414.24 crore relating to non/short recovery due to non compliance of rules/regulations and terms & conditions of the contract agreements, non/short levy of fixed demand charges, inadequate/ deficient monitoring of the progress of the projects, etc. Some of the major findings are mentioned below:                                 

Audit of Government companies is governed by Section 619 of the Companies Act, 1956. The accounts of the State Government Companies are audited by Statutory Auditors, who are appointed by the Comptroller and Auditor General of India (CAG). These accounts are also subject to supplementary audit conducted by the CAG. Audit of Statutory corporations is governed by their respective legislations. As on 31 March 2013, the State of Himachal Pradesh had 19 working PSUs (17 companies and two Statutory corporations) and two non-working companies which employed 34,191 employees.
 
As on 31 March 2013, the investment (capital and long-term loans) in 21 PSUs was Rs. 7,193.64 crore. The total investment in State PSUs, 98.90 per cent was in working PSUs and the remaining 1.10 per cent in non-working PSUs. The total investment consisted of 45.33 per cent as capital and 54.67 per cent as long-term loans. The equity has increased from Rs. 1,414.80 crore in 2008-09 to Rs. 3,260.73 crore in 2012-13. Power sector accounted for over 83.73 per cent of the total investment in 2012-13. The Government
contributed 1,018.60 crore towards equity, loans and grants/subsidies during 2012-13.

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