Jharkhand Govt mining company fails to file financial statements since 2014-2015

MANISH GUPTA

Ranchi, July 29: The Jharkhand State Mineral Development Corporation (JSMDC) has not filed its final financial statements since the 2014-2015 financial year, sources at the state-owned mining company have said.

The company, which claims to be able to develop any mine and/or mineral scientifically, economically and systematically according to its website, has even failed to update turnover since 2008-09 on its website. Internet.

JSMDC Managing Director (Finance), Aloke Kumar Choudhuri, contacted by lagatar24.com, confirmed that the figures had not been finalized for many years, but gave no reason.

“Yes, final financial statements have been pending since 2014-15,” he said, declining to comment on possible reasons and also whether JSMDC has conveyed its inability to the Registrar of Companies (RoC) at the Ministry of Corporate Affairs of The union.

The company made a pre-tax profit of Rs 30 crore in 2007-08 and Rs 25 crore in 2008-09, details of which for the last financial year are available on its website. He suffered losses for many years.

Choudhuri said the company has become profitable over the past four to five years, but its pre-tax profit has remained below Rs 15 crore.

The JSMDC website has also stopped publishing its mineral production and shipment figures since 2016-17.

Agnesh Gupta, a Patna-based chartered accountant, said: “There are stiff penalties and penalties for not filing the financial statements. Even directors are prohibited from becoming directors elsewhere.

However, many state-owned companies have been operating without complying with the guidelines religiously followed by private companies.