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Corporations in red: CAG
July, 15th 2009

Several state-run companies and statutory corporations in Bihar have incurred huge losses successively and are now in red, the Comptroller and Auditor General of India (CAG) said in a report. The Auditor in its report for the period ended March 31, 2008 pointed out that the state had 54 public sector undertakings-- 50 government companies and four statutory corporations.

At the end of March 2007 one more government company was added, making it 55 altogether. Of the 50 government companies, 16 are working while 34 are not, it said, adding that all the four statutory corporations are functioning.

In addition, there are eight companies-- two working and six non-working. None of the working government companies and statutory corporations have finalised their accounts for the year 2007-08 within the stipulated period.

Further, the accounts of 16 working companies and four working statutory corporations had arrears ranging from 1-19 years as on September 30, 2008. While, the non-working companies suffered arrears for a period of 13-31 years.

Quoting the latest finalised accounts, it stated six working Public Sector Units earned an aggregate profit of Rs 38.24 crore. Against this, 13 working PSUs incurred an aggregate loss of Rs 946.16 crore as per their latest finalised accounts.

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