No artificial under-valuation of land by PSUs

New Delhi, July 30 (IANS) Denying that public sector undertakings engage in artificial under-valuation of land in their books, the government on Thursday told parliament that they are free to get their assets assessed at current market value while accessing bank finance.

“PSUs are free to get their assets, including land, assessed at current market value as per accounting standards while accessing bank finance on the basis of their net worth,” Minister of State of Heavy Industries and Public Enterprises G.M.Siddeshwara told the Rajya Sabha in a written reply.

“The valuation of land held by public sector undertakings is done as per the provisions contained in the Companies Act, 2013 and relevant accounting standards,” he added.

In reply to another question, the minister said that as per information available in Public Enterprises Survey 2013-14, there were 135 central public sector enterprises earning profit continuously for three fiscals from 2011-12 to 2013-14.

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