72 govt cos accumulated losses of Rs 94,428 cr
This is according to the report of the Comptroller and Auditor-General (CAG), which has been tabled in parliament. According to the news report:
Equity investment in 72 state-run entities has been completely eroded as they accumulated losses of Rs 94,428 crore by the end of 2007-08, more than five times their paid up capital, the Comptroller and Auditor General of India said in a report.
The report, tabled in Parliament on Thursday, said that as on March 2008 "the accumulated losses in these 72 companies were Rs 94,428 crore against equity investment of Rs 15,762 crore as on March 2008, making their combined net worth negative at Rs 78,665 crore".
This included six listed companies, whose accumulated losses were Rs 11,349 crore against equity investment of Rs 1,451 crore, making their combined net worth negative at Rs 9,898 crore, the report said.
During 2007-08, the total outstanding government loans in 46 firms, out of those 72, amounted to Rs 49,926 crore, it added….
As the capital of 46 companies was fully eroded, the recovery of loans amounting to Rs 49,926 crore became doubtful.
In other words, some friends of The State have stolen 1 lakh crore rupees. This money could have built an excellent roads network pan-India.
This is the truth of Indian socialism: they have no idea of “commonwealth”; they are all engaged in stealing public money; they are bloodsuckers as far as society is concerned. They produce nothing of worth. And they are carefully preserved only in order to keep the mythology of Nehruvian socialism alive. Of course, as we now know, our The State will work to keep these socialist myths alive forever by including these erroneous ideas in school and college curricula.
Scoundrels!
Rascals!
Thieves!
There are quite a few examples where these same companies that could never turn a profit, threatened with divestiture, started showing modest profits within one/two years (BHEL, SAIL).
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