The report, for the year ended March 1997, said the 30 defunct companies of the Bihar government have a total paid-up capital of Rs 120.53 crore and the three under liquidation have a total paid-up capital of Rs 16.32 crore. The report maintained that the accumulated loss amounting to Rs 230.78 crore in 16 companies had far exceeded their paid-up capital of Rs 87.06 crore. As on March 31, 1997, there were 49 government companies in Bihar with a total investment of Rs 1,276.98 crore.

The report stated that during 1996-97, the total capital employed worked out to Rs 749.01 crore in 45 companies. Cag took exception to delayed finalisation of accounts by all the 49 companies for periods ranging from one year to 20 years in alleged complete disregard for the statutory provisions.

Cag severely indicted theBureau of Public Enterprises for having "failed" to publish annual reports on the working of public sector undertakings (PSUs) since 1989-90. This, it said, deprived the government and the legislature of any conclusive knowledge about the results of investments to the tune of Rs 1,276.98 crore.