National
CAG on Maha PSUs: 41 accumulated huge losses, net worth of 31 eroded
Mumbai, July 12 (IANS) The Comptroller and Auditor General of India (CAG) has observed that 41 state public sector undertakings in Maharashtra had accumulated losses of Rs 50,098.55 crore while the net worth of 31 SPSUs, including 13 inactive, had completely eroded.
Further, the total negative net worth of these 31 SPSUs was Rs 9,887.19 crore against the paid-up capital of Rs 7,551.83 crore as of March 31, 2023.
The CAG report on State Finances for the year ended March 31, 2023, was on Friday tabled in the state Assembly.
As per the report, the maximum erosion of net worth was noticed in Maharashtra State Road Development Corporation Limited (Rs 2,948.11 crore), Maharashtra State Road Transport Corporation (Rs 2,610.86 crore), Maharashtra Power Development Corporation Limited (Rs 1,013.63 crore) and Maharashtra State Textile Corporation Limited (Rs 1,006.74 crore).
Out of the total loss of Rs 3,623.40 crore incurred by 45 SPSUs for the period 2022-23, a loss of Rs 3,355.13 crore was contributed by four SPSUs, which have incurred losses of more than Rs 200 crore. These include Maharashtra Power Generation Company Limited (Rs 1,644.34 crore), Maharashtra State Road Transport Corporation (Rs 1,145.57 crore), MSRDC Sea Link Limited (Rs 297.67 crore) and Mumbai Pune Expressway Limited (Rs 266.55 crore).
Further, the net loss after tax amounting to Rs 3,623.40 crore was reported by 39 government-controlled companies at Rs 2,322.19 crore, three statutory corporations (SCs) at Rs 1,223.14 crore and three government-controlled other companies (GCOC) at Rs 78.07 crore.
As of March 31, 2023, there were 110 SPSUs of which 91 are working and 19 are inactive in the state under the audit jurisdiction of CAG.
Out of 110 SPSUs, 39 working SPSUs and five inactive SPSUs did not furnish any financial statements (FSs) by September 30, 2023. As a result of the non-submission of FSs, there is no assurance whether the investment and expenditure had been properly accounted for and the purpose for which the amount was invested by the state government was achieved said the report.
During 2022-23, a total of 52 SPSUs registered an annual turnover of Rs 1,22,154.70 crore, which was equal to 3.46 per cent of the GSDP of Maharashtra.
The investment of the state government in equity and long-term loans in these SPSUs was Rs 2,33,626.89 crore as against the total investment of Rs 4,90,595.02 crore at the end of March 31, 2023, the CAG report said.
Out of the 110 SPSUs, 47 SPSUs earned profits (Rs 1,833.29 crore), while 45 SPSUs incurred losses (Rs 3,623.40 crore) and 10 SPSUs reported neither profit nor loss.
The financial statements for the year 2022-23 were received only from 14 SPSUs within the stipulated time (September 30, 2023). Eight SPSUs have not submitted their first statements since their inception.
The silver lining was that 49 SPSUs had accumulated a surplus of Rs 9,717.76 crore and 12 SPSUs had neither accumulated losses nor surplus, the report said.
CAG has suggested that the state government may review the functioning of all loss-making SPSUs and take necessary steps to improve their financial performance. The government may issue necessary instructions to administrative departments to set targets for individual SPSUs to furnish the FSs in time and to strictly monitor the clearance of arrears.
Further, CAG has recommended that the government review the inactive Government Companies and may take appropriate decisions on their revival/winding up. The government may impress upon the management of profit-making SPSUs to declare dividends as per the Government of Maharashtra Resolution of 2012.
–IANS
sj/dpb
National
Defence Ministry: Year 2025 will be year of reforms
On Wednesday, the Defence Ministry announced that 2025 will be designated as the “Year of Reforms,” with a primary focus on establishing integrated theatre commands to enhance collaboration among the three branches of the military.
These reforms are aimed at transforming the armed forces into a technologically advanced, combat-ready force capable of executing multi-domain integrated operations, the ministry stated.
The initiative will emphasize emerging domains such as cyber and space, alongside cutting-edge technologies like artificial intelligence, machine learning, hypersonics, and robotics.
Defence Minister Rajnath Singh described the “Year of Reforms” as a pivotal milestone in the modernization of the armed forces.
“It will set the stage for significant advancements in the nation’s defense capabilities, ensuring the security and sovereignty of India in the face of 21st-century challenges,” he said.
National
A 3.2 magnitude tremor struck Gujarat’s Kutch district on Wednesday morning
A 3.2 magnitude tremor struck Gujarat’s Kutch district on Wednesday morning, according to the Institute of Seismological Research (ISR).
The district administration reported no casualties or property damage following the quake.
The tremor occurred at 10:24 am, with its epicenter located 23 kilometers north-northeast (NNE) of Bhachau, as per the Gandhinagar-based ISR.
Last month, the region experienced four seismic events exceeding a magnitude of 3, including a 3.2 magnitude tremor just three days ago, with its epicenter also near Bhachau.
Earlier tremors in the area included a 3.7 magnitude earthquake on December 23 and a 3.2 magnitude event on December 7, according to ISR reports.
Kutch was also jolted by a 4.0 magnitude earthquake on November 18, 2024. On November 15, a 4.2 magnitude quake hit Patan in north Gujarat, based on ISR data.
Gujarat is considered a high-risk earthquake zone, having experienced nine major earthquakes over the past 200 years, according to the Gujarat State Disaster Management Authority (GSDMA). The 2001 earthquake in Kutch, which occurred on January 26, was the third-largest and second-most destructive in India in the last two centuries, according to the GSDMA.
National
Diljit Dosanjh faces legal action over concert songs
Singer and actor Diljit Dosanjh’s much-anticipated New Year’s Eve concert in Ludhiana faced legal hurdles after a complaint was filed by Punditrao Dharenavar, an assistant professor from Chandigarh.
Following the complaint, the Deputy Director of the Women and Child Department, Government of Punjab, issued a formal notice to Ludhiana’s District Commissioner, urging them to prohibit Dosanjh from performing specific songs during his live show on December 31, 2024.
The notice specifically targets songs accused of promoting alcohol, including Patiala Peg, 5 Tara Theke, and Case (Jeeb Vicho Feem Labbiya), even if the lyrics are slightly modified. The complaint points to previous warnings issued to Dosanjh by various commissions advising against performing these controversial tracks.
Despite these warnings, the singer allegedly continues to perform the songs with minor alterations. Dharenavar raised serious concerns about the influence of such music on young audiences, especially when minors are present at live events.
Adding to the controversy, Dharenavar referenced a 2019 Punjab and Haryana High Court ruling, which directed law enforcement to ensure that songs promoting alcohol, drugs, or violence are not played at public events, including concerts. This ruling underscores the legal basis for the complaint and has further intensified the scrutiny surrounding the event.
National
UP Minister’s convoy overturns, 5 person injured
Five people sustained injuries when a vehicle in the convoy of Uttar Pradesh Minister and Nishad Party chief Sanjay Nishad overturned into a ditch near Januan village in the Khejuri Police Station area of Ballia district late last night.
Sanjay Nishad shared details of the incident, stating that the accident injured five party workers, including four women.
“I was traveling with the convoy to participate in the Constitutional Rights Yatra organized by the party on Tuesday night. Near Januan village in the Khejuri area, one of the vehicles following the convoy lost control while trying to avoid an animal and overturned into a ditch,” Nishad explained.
The injured individuals have been identified as Rakesh Nishad, Ramrati, Usha, Geeta, and Iravati Nishad.
Senior police and administrative officials quickly arrived at the scene following the incident to oversee the situation.
National
Suchir Balaji’s mother alleges Murder
The mother of Suchir Balaji, a 26-year-old former OpenAI researcher found dead after accusing the company of copyright violations, has alleged that her son was “murdered” and called for a Federal Bureau of Investigation (FBI) probe.
Poornima Rao, Suchir’s mother, claimed her son’s death was a “cold-blooded murder” that authorities wrongly ruled as suicide. She further disclosed that a private autopsy report conflicted with the findings of the initial police investigation.
Rao alleged that her son’s apartment had been “ransacked” and cited evidence of a struggle in the bathroom, including bloodstains that suggested he had been assaulted.
“We hired a private investigator and conducted a second autopsy to uncover the truth. The private autopsy does not confirm the cause of death stated by the police. Suchir’s apartment was ransacked, there were signs of a struggle in the bathroom, and it appears he was hit based on blood spots. This is a cold-blooded murder being misclassified as a suicide. Lobbying in San Francisco won’t deter us from seeking justice. We demand an FBI investigation,” Rao wrote on X.
Elon Musk reacted to Rao’s post, commenting, “This doesn’t seem like a suicide.”
Balaji was discovered dead in his San Francisco apartment months after accusing OpenAI of violating copyright laws during the development of ChatGPT, as reported by Fox News. Despite these claims, the San Francisco Police Department found no evidence of foul play and ruled the death a suicide.
On October 24, shortly before his death, Balaji voiced doubts about the “fair use” defense in generative artificial intelligence. “I recently participated in a NYT story about fair use and generative AI, and why I’m skeptical ‘fair use’ would be a plausible defense for a lot of generative AI products,” he wrote on X.
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