Gurugram Metropolitan City Bus Limited calls for audit to measure losses
According to a document available on the GMCBL’s website, the audit will serve two purposes. First, it will ensure statutory compliance with company and finance laws, and, second, it will quantify the losses incurred by the company and suggest a “recovery process”.Updated: Apr 29, 2019 03:58 IST
Hindustan Times, Gurugram
The Gurugram Metropolitan City Bus Limited (GMCBL), which runs the city’s Gurugaman bus service, has called for independent professionals to conduct an audit of its books from December 2017, when the company was incepted, till March 31, 2019.
According to a document available on the GMCBL’s website, the audit will serve two purposes. First, it will ensure statutory compliance with company and finance laws, and, second, it will quantify the losses incurred by the company and suggest a “recovery process”.
Chander Shekhar Khare, CEO, GMCBL, did not respond to requests for comment. However, a member of the service’s administrative staff, requesting anonymity, said, “It is a routine audit, which will show that the service is meeting all compliances in terms of capital revenue and expenditure, and is following all direct and indirect taxation rules.”
The official did not, however, reveal any information regarding the financial status of the company. “It is true that the service is yet to meet its financial expectations, but the exact nature and amount of the losses is best commented on after completion of the audit,” he said.
The GMCBL’s Gurugaman bus service will complete a year of operations in September this year. It has a fleet of 75 buses which ply on five routes across the city, and cater to about 29,000 commuters daily. GMCBl’s average daily earnings from ticketing revenue stand between ₹3 to ₹4 lakhs per day.
The numbers have increased with the launch of each successive route, but are still falling short of the projections put forth prior to the launch of the service, according to an official in the mobility division of the GMDA, a partner of the GMCBL, which runs on a public-private-partnership model.
First Published: Apr 29, 2019 03:58 IST