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Sale of PSU to other PSU not disinvestment, observes CAG

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The strategic sale of 4 public sector models to other public sector entities in 2018-19 by the Central authorities has been sharply criticised by the Comptroller and Auditor General (CAG) of India in an audit, tabled in Parliament.

“Such disinvestments only resulted in transfer of resources already with the public sector to the government and did not lead to any change in the stake of the public sector / government in the disinvested PSU,” the CAG famous, indicating its displeasure at such transactions.

It could also be recalled that the Centre had earlier bought oil main HPCL to one other PSU ONGC and resorted to related transactions so as to meet disinvestment targets in recent times.

In 2018-19, the federal government raised ₹72,620 crore from disinvestment, which included the strategic gross sales of the Rural Electrification Corporation, Dredging Corporation(DCI), HSCC (India) and National Projects Construction Corporation. While REC was bought to Power Finance Corporation, DCI was bought to a consortium of Port Trusts.

The CAG additionally criticised the Centre’s declare as disinvestment receipts of virtually ₹12,500 crore from the sale of shares by the Specified Undertaking of the Unit Trust of India (SUUTI), an entity created to take care of the erstwhile UTI’s property and liabilities.

“Neither SUUTI nor its assets, liabilities are depicted in the Union Government Finance Accounts,” the CAG famous, including receipts from it have been wrongly booked as capital receipts.



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