Steel Authority of India (SAIL), Mahanagar Telephone Nigam, Oil and Natural Gas Corporation (ONGC), Gas Authority of India (Gail), and Indian Petrochemical Company (IPCL), understated their liabilities by Rs 1,954.22 crore in 2000-01, while three navaratna companies, Indian Oil Corporation (IOC), Videsh Sanchar Nigam Ltd (VSNL)and MTNL overstated assets by Rs 359.99 crore, the Comptroller & Auditor General of India (CAG) has noted in its financial statements on navaratna public sector undertakings.
CAG said that liabilities in 25 PSUs were understated by Rs 1075.48 crore and overstated by Rs 18.44 crore in five PSUs. The list excluded the navaratnas.
In the list, 21 PSUs overstated net profit for the year by Rs 814.22 crore while in seven PSUs it was understated by Rs 26.96 crore. Similarly, in 15 PSUs net loss for 2000-2001 was understated by Rs 336.49 crore and overstated by Rs 7.75 crore in one PSU. In 15 PSUs, assets were overstated by Rs 95.98 crore and in 5 PSUs these were understated by Rs. 19.37 crore.
CAG stated IOC overstated assets by Rs 385.11 crore, while SAIL understated liabilities by Rs 1275.94 crore. MTNL understated liabilities by Rs 478.89 crore, ONGC by Rs 122.09 crore, and GAIL by Rs 68.94 crore.
Understatement of losses were the largest at Sail, where losses rose from Rs 728.66 crore to Rs 1303.80 crore in light of CAG
