Following a multi-crore scam in the Valmiki ST Development Corporation, the State government has issued a circular imposing directives for “accountability and prudent management of public funds” at State-owned companies, local bodies, universities and medical colleges. Chief Secretary Rajneesh Goel issued a circular to managing directors or CEOs of government entities that they should take up comprehensive reviews of banking operations and verify details of all term deposits. Noting that government-run organisations should have a “robust risk management framework”, it said all term deposits should be invested in joint accounts. The circular said directors nominated by the government to State-run companies should ensure that board meetings were held at least once in a quarter. Also, nominated directors have to ensure that audit committees are constituted and regular meetings are held.

Source: The Hindu June 29, 2024 20:50 UTC