Managing director Ashok Ghot told mediapersons that the losses were mainly due to subsidies given by the state government for various commuter categories. "The MSRTC loses nearly Rs 90 crore on subsidies every year," he claimed.

Last year, the corporation had notched up a loss of Rs 136 crore, giving rise to fears that MSRTC might have even be unable to pay their employees. Austerity measures introduced by the management had rubbed two directors the wrong way, and they had eventually lost their jobs.

In a bid to attract passengers, the corporation also plans to hold a lucky draw of tickets sold, and the winners will be given prizes ranging from cars to television sets. "Even if the number of commuters increases byone per cent, we will get additional revenue of Rs 6 crore every year," said Khot.

Interestingly, MSRTC chairperson Shivaji Ghotad and his deputy Chandrakant Vaidya did not attend the function, held at the corporation headquarters. Vaidya, who was present in the office at that time, refused to comment on the reason for his absence. "I was not informed about the function," he said.