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CAG slams Industry & Commerce Dept, Handloom & Handicraft  corporation due to non-performance, massive losses in 42 out of 43 emporiums : Industry Minister Tapan in deep slumber; Rs. 35 crores loss in 5 years
CAG slams Industry & Commerce Dept, Handloom & Handicraft corporation due to non-performance, massive losses in 42 out of 43 emporiums : Industry Minister Tapan in deep slumber; Rs. 35 crores loss in 5 years
AGARTALA, December 19 (TIWN): CAG’s evaluation of Tripura Handloom & Handicraft corporation points out the massive corruption, mis-management, nepotism and overall inefficiency plagued management in Industry & Commerce Dept, Handloom,Handicraft sectors. As per CAG “The Company did not have any long term or short term plan for achievement of its objectives. The sales targets set in the Memorandums of Understanding by the Government for the years 2008-09 to 2012-13 were neither achieved nor monitored. As per the profitability statement prepared by Audit for the year 2012-13, 42 out of 43 emporiam operated by the Company incurred losses. Accumulation of inventory and debtors due to their poor management resulted in severe strain on working capital.The Company had incurred operational losses during all the five years from 2008-09 to 2012-13 aggregating ` 33.77 crore.Despite capital infusion of` 27.93 crore by the State Government during 2008-13, the entire paid up capital of the Company was wiped off by the losses and the net worth of the Company had become negative”.
Govt of  Tripura
USA Diary