Jammu, April 8 The Comptroller and Auditor General (CAG) has flagged a massive backlog in the finalization of accounts of Public Sector Undertakings (PSUs) and autonomous bodies in Jammu and Kashmir, with a large number of accounts remaining outstanding as of March 31, 2024.
The CAG urged the UT government to ensure strict adherence to timelines for the preparation and submission of accounts to strengthen financial discipline, transparency, and governance.
The audit panel warned that the persistent backlog undermines transparency and legislative oversight, and recommended that the government ensure that companies, corporations, and autonomous bodies submit their annual accounts within a stipulated timeframe.
The CAG report on the finances of the Union Territory (UT) for the year ended March 31, 2024, stated, "Accounts for only four companies were audited up to 2022-23. For 35 companies and corporations, the audit of 139 accounts was outstanding for periods ranging from one to twelve years."
According to the report, eight autonomous bodies have collectively failed to submit 40 annual accounts, with delays ranging from three to 14 years.
The CAG emphasized that delays in finalizing accounts keep the results of government investments outside legislative scrutiny, hindering timely corrective measures and weakening accountability.
The report highlighted that several key entities have accumulated significant arrears.
Jammu and Kashmir Overseas Employment Corporation Ltd tops the list with 12 pending accounts since 2010-11, followed by Jammu and Kashmir Minerals Limited and two inactive companies — Jammu and Kashmir International Trade Centre Corporation Ltd and Jammu and Kashmir Road Development Corporation Ltd — each with nine years of arrears.
Jammu and Kashmir Cable Car Corporation Ltd has eight pending accounts since 2014-15, while Jammu and Kashmir Medical Supplies Corporation Ltd has seven accounts pending since 2015-16, it added.
Jammu and Kashmir Police Housing Corporation Ltd has six years of arrears, and Jammu and Kashmir Asset Reconstruction Ltd also has six accounts pending since 2017-18.
Among other major defaulters, Jammu and Kashmir Power Development Corporation Ltd has five accounts pending since 2017-18, while the Jammu and Kashmir Entrepreneurship Development Institute (JKEDI) has five pending accounts with no accounts submitted since 2018-19, it said.
Several infrastructure and transport-related entities also reported delays.
Jammu and Srinagar Mass Rapid Transit Corporations have four accounts pending each since 2019-20, while Jammu and Kashmir Power Transmission Corporation Ltd, Jammu and Kashmir Power Corporation Ltd and Srinagar Smart City Ltd have four pending accounts each.
Jammu Smart City Ltd has three accounts pending, while Jammu and Kashmir Forest Development Corporation Ltd has three pending accounts.
The report further noted that multiple corporations, including Jammu and Kashmir Projects Construction Corporation Ltd and Jammu and Kashmir Handicrafts (Sales and Export) Development Corporation Ltd, have four pending accounts each.
Among the eight autonomous bodies, the CAG said that the Compensatory Afforestation Management and Planning Authority (CAMPA) has the highest pendency with 14 accounts pending from 2009-10 to 2022-23.
Similarly, Sher-e-Kashmir University of Agricultural Sciences and Technology (SKUAST), Srinagar and Jammu have three pending accounts each for the period 2020-21 to 2022-23. The Jammu and Kashmir Employees Provident Fund Organisation (EPFO) has not submitted four accounts from 2015-16 to 2018-19, it added.
Other bodies with arrears include the Jammu and Kashmir Housing Board (four accounts), the Khadi and Village Industries Board (three), the Building and Other Construction Workers Welfare Board (four), and the State Legal Services Authority (five), it added.
Similarly, accounts of the Food, Civil Supplies and Consumer Affairs departments in Kashmir and Jammu have remained pending for decades, with some periods dating back to the 1970s, it said.
