Tasmac's annual report not published for 8th year in a row
Chennai: Accounts and financial performance of Tamil Nadu State Marketing Corporation Ltd (Tasmac)will continue to be under wraps, as the state-owned liquor monopoly has not published its annual report for the eighth year now.
The last annual report published on Tasmac's official website was its 34th report for the 2016-17 financial year.
Under the Companies Act, every company should prepare an annual report, a comprehensive document that provides a detailed overview of its activities and financial performance for its stakeholders. Tasmac, being a state-owned company, is required to host its annual reports online and make them accessible to the public.
For instance, the Tamil Nadu Power Distribution Corporation, another state-owned company, has published its annual report for 2023-24, but Tasmac remains an exception. It's annual report should contain details of the balance sheet, including assets, liabilities, equity, and income statements such as revenues, expenses, and profit and loss. An independent auditor's opinion on the accuracy and fairness of the financial statements is also part of the annual report.
by Taboola
by Taboola
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When contacted, prohibition and excise minister S Muthusamy said annual reports of Tasmac were duly placed in assembly till financial year 2023-24 and added that annual report for 2024-25 was under preparation. However, he said he would check why they were not made public. Tasmac officials were not available for comment.
One of the key accusations against the Tasmac by the ED was the former's lopsided procurement favouring a few distilleries and breweries. In the annual report for 2016-17, the independent auditor's report highlighted that the company (Tasmac) needed to periodically review and strengthen the policies relating to purchases, procurements, and price fixation. It also recommended measures such as raising bills on the sale of goods immediately upon sale, periodic identification of sediment stock in respect of inventory at retail vending shops, and integration of software under various platforms.
Eight years later, there is no clarity on the steps initiated on the recommendations in the absence of Tasmac's annual reports in the public forum.
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