`CAG unable to improve accounting standards': The Comptroller and Auditor General (CAG) of India has not been able to improve the accounting and auditing standards of public sector units and included various irregularities, a former deputy CAG has said. "The audit of public-sector enterprises conducted both by statutory auditors under the directions of CAG and its own supplementary audit has brought out not only individual irregularities but also the effect of wrong accounting policies," former deputy CAG says in his book "Public sector-accounting and auditing standards." The book which also compares the accounting standards of private sector says there are several shortcomings in the public sector auditing. Some of the deficiencies highlighted by Tiwari include systemic deficiencies, shortcomings in the accounting practices and its financial impact along with deficiencies in over-all review of accounts.BIFR notice to Centre: The Board for Industrial and Financial Reconstruction (BIFR) hasgiven two months time to the government to decide on the revival of the central public-sector North eastern regional agricultural marketing corporation limited (Neramac). In a recent order, the BIFR said the ministry of food processing industry would obtain centre approval for rehabilitation of Neramac including induction of fresh funds as also financial restructuring within two months. Moreover, the ministry should convey the same to the operating agency, Industrial Development Bank of India (IDBI), and the board, it added. Earlier, IDBI had given a Rs 10.54-crore revival scheme which would be entirely funded by the centre partly by equity and partly by subsidy or grant.
Web-based treasure hunt: In an attempt to bring cyber adventure to the desktop, Microsoft, Rediff on the Net and Citibank have launched the first-over-online treasure hunt for Internet users in India. The treasure hunt, explore your country, takes armchair travellers who visit http.//www.Rediff.Com/treasure on an adventure trailthrough India, on a search for clues hidden across Rediff on the Net's travel website. The contest is open from May 1 to 8 for all resident Indians. A lucky net surfer who submits correct answers to all the clues can win an all-expense paid trip for two to Goa, sponsored by Citibank, besides a host of other prizes.
BHEL bags Rs 300cr order: Bharat Heavy Electricals Ltd (BHEL) has bagged a Rs 300-crore order for supply of two generating sets to the Tata Electric Companies (TEC) 240 mw thermal power plant at Jojobera near Jamshedpur. The order is for two 20 mw each steam turbine generator sets with matching pulverised fuel fired boilers of 390 tonnes an hour capacity. Earlier, the navratna had executed contracts for the captive power plants of Tatas at Jamshedpur. The steam turbine generating sets will be manufactured at BHEL's Ramachandrapuram plant and boilers at its Tiruchi plant. The public sector unit had supplied similar sets to Nalco's captive power plant at Angul and Jindal Tractabel project inKarnataka.
Hudco sanctions projects: With its loan component of Rs 17,036 crore, the Housing and Urban Development Corporation (Hudco) has sanctioned over 13,250 schemes involving a total project cost of Rs.27,957 crore till March this year. Hudco sanctioned 793 schemes worth Rs 4,843 crore with its loan commitment for Rs 3,061.86 crore in 1997-98 against last year's loan commitment of Rs 2,470.59 crore, a 24 per cent increase, its chairman-cum-managing director V Suresh said at a press meet on Sunday. The loan release in 1997-98 totalled Rs 2,146.43 crore, an increase of over 39 per cent over Rs 1,536.29 crore release last year, he said.
Technopark poised for better results: Chief executives of leading companies in the technopark at Karyavattom near Thiruvananthpuramhave sought to dispel the impression that the units in the park were unhappy with the facilities available and the support given by the centre. Talking to reporters in the presence of the chief executive officer of the park, KGSatheesh Kumar, and state industries secretary K Mohandas, heads of leading units said the technopark was poised to achieve better results as Kerala was an ideal place where all factors essential for software industry were available in abundance. Kumar claimed that software export from technopark exceeded Rs 25 crore in 1997-98 registering a 300 per cent increase.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
