New Delhi, May 15 (UNI) As many as 116 central government companies, including 29 profit-earning PSUs, had accumulated losses worth Rs 84,155 crore as on March 31 last year, with the recovery of government loans of nearly Rs 47,000 crore from some of these companies in doubt, the Comptroller and Auditor General of India (CAG) says in its latest Report.
Of these, 82 companies under 19 Ministries saw their equity capital completely eroded, says the Report tabled by Heavy Industries Minister Santosh Mohan Dev in the Lok Sabha today.
''The accumulated losses in these 82 government companies were Rs 81,617.04 crore against equity investment of Rs 13,902.20 crore as on March 31, 2006, making their combined net worth negative at Rs 67,036.47 crore.
''This included six listed companies whose accumulated losses were Rs 4,880.30 crore against equity investment of Rs 1,417.69 crore, making their combined net worth negative at Rs 3,404.74 crore,'' the Report notes.
The total central government loans outstanding against 56 companies out of the 82 companies whose capital was fully eroded amounted to Rs 39,715.36 crore. These included five listed companies where the outstanding loans totalled Rs 849.07 crore.
Further, Rs 6,913.21 crore given by 10 holding central government companies, which were not sick, to 16 of their subsidiaries was also outstanding on that date, CAG observes.
''As the capital of 56 companies was fully eroded as on March 31, 2006, the recovery of loans amounting to Rs 39,715.36 crore became doubtful. Recovery of loan of Rs 6,913.21 crore given by the companies to their subsidiaries also became doubtful,'' CAG says.
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Of these, 82 companies under 19 Ministries saw their equity capital completely eroded, says the Report tabled by Heavy Industries Minister Santosh Mohan Dev in the Lok Sabha today.
''The accumulated losses in these 82 government companies were Rs 81,617.04 crore against equity investment of Rs 13,902.20 crore as on March 31, 2006, making their combined net worth negative at Rs 67,036.47 crore.
''This included six listed companies whose accumulated losses were Rs 4,880.30 crore against equity investment of Rs 1,417.69 crore, making their combined net worth negative at Rs 3,404.74 crore,'' the Report notes.
The total central government loans outstanding against 56 companies out of the 82 companies whose capital was fully eroded amounted to Rs 39,715.36 crore. These included five listed companies where the outstanding loans totalled Rs 849.07 crore.
Further, Rs 6,913.21 crore given by 10 holding central government companies, which were not sick, to 16 of their subsidiaries was also outstanding on that date, CAG observes.
''As the capital of 56 companies was fully eroded as on March 31, 2006, the recovery of loans amounting to Rs 39,715.36 crore became doubtful. Recovery of loan of Rs 6,913.21 crore given by the companies to their subsidiaries also became doubtful,'' CAG says.
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