GUJARAT NEWS

                  46 PSU S EARN PROFIT FOR STATE

AUDIT REPORT BY THE COMPTROLLER AND AUDITOR GENERAL OF INDIA TABLED SAID THAT OF TOTAL
72 WORKING PUBLIC SECTOR UNITS (PSU)OF THE GOVERNMENT OF GUJARAT,DURING THE FINANCIAL
YEAR 2013-2014, WHILE 46  EARNED PROFIT AND 20 OF THEM RAN INTO LOSSES.
IF 42 PSU S MADE COLLECTIVE PROFIT TO THE TUNE OF RS.3,363.96 CRORE,THE COLLECTIVE LOSS OF UNITS RAN INTO RS 1,111.85 CRORE.
THE MAJOR CONTRIBUTORS TO THE PROFIT WERE GUJARAT STATE PETRONET LIMITED (RS 659.98 CRORE)GUJARAT MINERAL DEVELOPMENT CORPORATION LIMITED (RS 629.59 CRORE) AND GUJRAT GAS COMPANY LIMITED (RS 611.93 CRORE).
MAJOR LOSS-MAKING COMPANIES WERE GSPC PIPAVAV POWER COMPANY LIMITED (RS 307.10
CRORE) GUJARAT STATE ENERGY GENERATION LIMITED (RS 151.21 CRORE), GSPC GAS COMPANY
LIMITED ( RS 134.68 CRORE), GUJARAT STATE ROAD TRANSPORT CORPORATION ( RS 132.50) AND GUJARAT STATE FINANCIAL CORPORATION (RS 112.36 CRORE).
THE REPORT ALSO HIGH LIGHTED DEFICIENCIES IN THE MANAGEMENT OF PSU S, WHICH RESULTED IN SERIOUS FINANCIAL IMPLICATIONS. IT POINTED OUT THAT  GUJARAT STATE ROAD DEVELOPMENT CORPORATION LIMITED INCORRECTLY CALCULATED THE VALUE OF WORK DONE LEADING
TO EXCESS PAYMENT OF PRICE VARIATION OF RS 4.76 CRORE TO THE CONTRACTORS.
IN ANOTHER INSTANCE, GUJARAT STATE PETROLEUM CORPORATION LIMITED DID NOT OBTAIN
FOREST CLEARANCE FOR USE OF RESERVE FOREST AREA RESULTING IN AVOIDABLE STAND BY CHARGES OF RS 541.68 CRORE. BESIDES, NAINI COAL COMPANY LIMITED CONTRAVENED THE TERMS OF
ALLOTMENT, RESULTING IN DE-ALLOCATION OF THE ALLOCATED MIND AND INVOCATION OF PERFORMANCES GUARANTEE OF RS 16.25 CRORE IN JANUARY 2013.
INFORMATION TECHNOLOGY AUDIT OF OPERATIONS AND MAINTENANCE OF GSPC GAS COMPANY LIMITED REVEALED THAT DUE TO LACK OF PASSWORD POLICY IT WAS RUNNING WITH RISK OF
UNAUTHORISED ACCESS AND VULNERABILITY OF THE ENTIRE DATA BASE.