Distribution of assets, liabilities between J&K, Ladakh UTs

SRINAGAR — The Jammu and Kashmir government has directed all the public sector undertakings, autonomous bodies and societies to complete their pending accounts in any case before end of February 2020.

The development comes in the wake of Government of India setting up a high-level panel for apportionment of assets and liabilities of erstwhile state of Jammu and Kashmir between two Union Territories of J&K and Ladakh.

“A clear direction was given to all the PSUs/organizations 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 Advisory Committee would need annual accounts as on 31.03.2019 as well as 30.10.2019 for the purpose of apportionment of assets and liabilities between UT of J&K and UT of Ladakh,” reads the circular issued by Principal Secretary Finance, Arun Kumar Mehta, a copy of which is available with us.

According to the course of action approved for PSUs by LG Girish Chander Murmu, all the PSUs / autonomous bodies / societies shall immediately complete their pending accounts, in any case before end of February, 2020.

The government has also directed that wherever Boards have not been constituted, these may be constituted immediately. The PSUs and societies have also been directed to update their list of Directors on Board of Directors with Registrar of Companies.

According to the order, the first meeting of re-constituted Board of Directors may be held before February 15.