Six SPSEs in Uttarakhand lose ₹6,588.68 crore, eroding net worth completely
This audit examined the financial performance, corporate governance, and compliance of 32 State Public Sector Enterprises (SPSEs) in Uttarakhand for the period ended March 2023. It also included a specific compliance audit on billing efficiency and revenue realization at Uttarakhand Power Corporation Limited (UPCL).
Government of Uttarakhand (GoU) and its State Public Sector Enterprises (SPSEs), including Uttarakhand Power Corporation Limited (UPCL).
- Nine SPSEs incurred total losses of ₹ 1,279.69 crore.
- Six SPSEs had completely eroded net worth, with accumulated losses of ₹ 6,588.68 crore exceeding their paid-up capital and reserves of ₹ 1,796.68 crore.
- CAG comments on financial statements impacted profitability by ₹ 166.93 crore (Government Companies) and ₹ 163.97 crore (Statutory Corporations).
- CAG comments impacted financial position by ₹ 64.96 crore (Government Companies) and ₹ 185.57 crore (Statutory Corporations).
- Seven SPSEs failed to appoint required Independent Directors, and eight SPSEs did not hold the minimum required number of Board meetings.
- GoU budgetary support to SPSEs increased from ₹ 1,284.27 crore in 2021-22 to ₹ 2,097.31 crore in 2022-23.
- Only two profit-earning SPSEs paid dividends, totaling ₹ 25 crore (₹ 20 crore by UJVN Limited and ₹ 5 crore by Power Transmission Corporation of Uttarakhand Limited).
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Audit report
2025
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Document details
| Official title | Report of the Comptroller and Auditor General of India on State Public Sector Enterprises for the period ended March 2023 (Report No. 4 of 2025) |
| Source body | Comptroller & Auditor General of India (CAG) — audit reports |
| Reference number | Report No. 4 of 2025 |
| Status | closed (audit_report) |
| Year | 2025 |
| Closing date | — |
| Documents | 1 |