Failure to recover Rs 2.2 cr from 4 Ludhiana companies puts PSPCL under scanner | punjab$ludhiana | Hindustan Times
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Failure to recover Rs 2.2 cr from 4 Ludhiana companies puts PSPCL under scanner

punjab Updated: Aug 02, 2016 15:22 IST
Arjun Sharma

The four companies named in the audit report are located at Focal Point division in the city.(HT FIle Photo)

The audit report of Punjab State Power Corporation Limited (PSPCL) has nailed the organisation for not recovering power dues running into Rs 2.2 crore of four city-based companies. Though the corporation has won cases against defaulters, they were not able to recover dues so far. Corporation officials are also under the scanner.

The four companies named in the audit report are located in the Focal Point division. These include Nagpal Alloys Ltd, Shivalikwala Steel Mill Ltd, Harsh Processors and Aar Key Concost Ltd.

“Being a commercial organisation, the corporation cannot afford to allow the accumulation of dues. It is essential that its officials make concerted efforts to recover these dues as soon as possible,” states the audit report.

According to the report, the execution was filed in case PSPCL versus Nagpal Alloys Ltd in November 2009 and PSPCL versus Shivalikwala Steel Mill Ltd in 2010, but PSPCL did not make these recoveries in which Rs 49.05 lakh and Rs 31.76 lakh were due.

In case of Harsh Processors, the sum due is Rs 59.77 lakh. Aar Key Concost Ltd has to pay a due of Rs 42.17 lakh to PSPCL.

The division office is also under the scanner because they had to locate properties of consumer units that had not deposited dues to the corporation.

In case of Aar Key Concost, the execution was not been filed even after 10 months elapsed since the date of decree. “In this case, the division had made the consumer company as well as its directors as defendants and filed the suit against them. Though the defendants had taken the plea that they could not be made liable as company has a corporate veil which is separate from its members and their personal liability would not arise. However the court has decided that the directors of the company cannot shirk their responsibilities and decided the recovery against the defendants,” stated the audit report.

The report has lambasted PSPCL and stated that not exploring a proper legal option at the time of filing suit, not taking up the matter with official liquidator if applicable and lack of proper pursuance had made the of recovery remote. “This has resulted in loss in form of non-realisation of dues of Rs 1.41 crore and further interest of Rs 33.63 lakh in three cases. Also recovery of Rs 45.54 lakh was awaited in case number 4 (Aar Key Concost),” the report stated.

NK Sharma, engineer-inchief of PSPCL, said executive engineer of the division Ravinder Singh could be contacted. However Ravinder said he will not be able to provide information on the matter.