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NTPC overstated profit by Rs938 cr in FY08: CAG

NTPC overstated profit by Rs938 cr in FY08: CAG
PTI
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First Published: Thu, Jul 09 2009. 02 00 PM IST
Updated: Fri, Jul 10 2009. 07 04 PM IST
New Delhi: State-run power firm National Thermal Power Corporation, or NTPC, overstated its profits by Rs938 crore in 2007-08, the Comptroller and Auditor General of India said in a report, but categorically stated that chances of Satyam like frauds in PSUs are very remote.
The report, which was tabled in Parliament on Thursday, said PSUs Bharat Electronics Ltd and BEML also overstated their profits by about Rs61 crore and Rs3.06 crore respectively in 2007-08 fiscal year.
On NTPC’s overstated profits, CAG principal director Pramode K Mishra said, “This is on account of sales, there was a case going on in the Supreme Court and according to the accounting standards, disputed receipts cannot be presented in the court.”
When asked if Satyam like incidence could happen in PSUs, Mishra said, “Public sector companies accounts confirm to the accounting standards, once there are statutory auditors and than the government do the auditing ... chances of a Satyam like account fudging are very remote in PSUs.”
The founder of IT firm Satyam Computer, B Ramalinga Raju, earlier this year admitted to inflating profits of the company to crores of rupees.
Another state-fun firm Engineering Projects India also overstated its profits by Rs6.81 crore in 2007-08, the report said.
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First Published: Thu, Jul 09 2009. 02 00 PM IST
More Topics: NTPC | CAG | Profits | PSUs | India |