J&K govt asks PSUs to produce revenue generation models by April 30

Srinagar, Apr 29: In a significant move, the Jammu & Kashmir government has directed all the public sector undertakings (PSUs) to submit revenue generation model for their turnaround so that they will register profits.

Documents in possession of news agency—Kashmir News Observer (KNO) reveal that chief secretary Arun Kumar Mehta has directed all the PSUs provided budgetary support by J&K Government to submit revenue generation models by April 30.

“The corporations on budgetary support were instructed to furnish the revenue generation model by 30 April 2023, so that they shall have turnaround for making their units profitable,” reads a record note of a meeting held by the J & K government on April 2, 2023.

The PSUs have also been directed to get their accounts up to 2021-22 audited by the statutory auditor without any further delay.

“All the PSUs/Corporations were directed to get their pending audited accounts adopted in the Annual General Meeting. AGM shall be held on a regular basis in order to present a correct picture about the PSUs/ Corporations performance and adopt the previous year’s accounts comprising income/expenditure statement, profit and loss account and balance sheet,” reads the record note of the meeting.

The PSUs/corporations were further directed to conduct Board of Directors (BODs) meetings regularly on quarterly basis and complete the process of reconstitution of BOD/appointment of chairman immediately wherever required.

According to the record note, it was found that most of the PSUs/Corporations were defaulting with regard to conduct of statutory audit, adoption of annual accounts.

“The non- compliance of these requirements by the Corporations was viewed seriously by the chair,” it states.

—(KNO)