January 2020 News

Asset Distribution Between JK, Ladakh

31 January 2020
Rising Kashmir
Junaid Kathju

Srinagar: Jammu Kashmir government has asked the Public Sector Undertakings (PSUs), autonomous bodies and societies to complete their annual account audit before the February end for the purpose of apportionment of assets and liabilities between the union territories of Jammu Kashmir and Ladakh. According to a circular issued by Principal Secretary Finance, Arun Kumar Mehta, all PSUs, autonomous bodies and societies would immediately complete their pending accounts in any case before February end. 'A clear direction was given to all the PSUs and organisations to complete their annual accounts after due audit. While some progress has been achieved, there needs to be more emphasis particularly in view of the fact that the advisory committee will need annual accounts on March 31, 2019 as well as October 30, 2019 for the purpose of apportionment of assets and liabilities between the union territories of J&K and Ladakh,' the order reads. It reads that the matter was brought to the notice of the Lieutenant Governor who had approved the course of action for immediate compliance. After abrogating Article 370, Government of India in September last year formed a three-member panel to oversee the implementation of bifurcation of Jammu Kashmir into two union territories. The three-member advisory committee headed by former defence secretary Sanjay Mitra and its members include retired bureaucrat Arun Goyal and retired Indian Civil Accounts Service officer Giriraj Prasad would oversee the distribution of assets and liabilities between the union territories of Jammu Kashmir and Ladakh. The government has also directed that wherever boards had not been constituted, these may be constituted immediately. The PSUs and societies have also been directed to update their list of Director on Board of Directors with Registrar of companies. The first meeting of re-constituted Board of Directors may be held before February 15, the order reads.

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