MANISH GUPTA
Ranchi, July 29: The Jharkhand State Mineral Development Corporation (JSMDC) has failed to file its final financial statements since financial year 2014-15, sources in the state-owned mining company said.
The corporation, which claims to be in a position to develop any mine and/ or mineral in scientific, economic and systematic manner according to its website, has even failed to update the sales turnover since 2008-09 on its website.
JSMDC General Manager (Finance) Aloke Kumar Choudhuri, on being contacted by lagatar24.com, confirmed that the figures have not been finalized for many years but failed to ascribe any reason.
“Yes, the final financial statements are pending since 2014-15,” he said, refusing to comment on the possible reasons and also whether JSMDC has conveyed its inability to the Registrar of Companies (RoC) under the Union Ministry of Corporate Affairs.
The corporation had a profit before tax of Rs 30 crore in 2007-08 and Rs 25 crore in 2008-09, the last financial year details of which are available on its website. It ran into losses for many years.
Choudhuri said that the corporation has turned profitable for the last four to five years but its profit before tax has remained less than Rs 15 crore.
JSMDC’s website has also stopped publishing its mineral wise production and mineral wise despatch figures since 2016-17.
Patna-based Chartered Accountant Agnesh Gupta said, “There are severe penalties and punishment for not filing the financial statements. Even the directors get debarred from becoming directors elsewhere.”
However, many state-owned companies have been operational without complying with the guidelines that are followed religiously by the private companies.
