Srinagar, Apr 22 : KCSDS under the chairmanship of Hameedah Nayeem Friday held executive meet and take serious note of the NHPC projected half figures, while replying to RTI application filed by Venkatesh Nayak of Commonwealth Human Rights Initiative, New Delhi.
In a statement , KCSDS said that while J&K Government pays more or less 4000 crores annually for buying hydro-energy, which is partly generated from its own waters, NHPC has projected a figure of only Rs. 194 billion (Rs. 19,431 crores) in earnings from the sale of power generated by the hydel projects based in J&K, which is clearly half of the truth.
“It is implied that NHPC should come out with detailed figures how it has billed the J&K state over the years, the money collected, and the profits thereof. As it stands, NHPC reply to RTI application reveals the truth only partially of the grave injustice done to state of Jammu & Kashmir, over years of exploitation of water resources of J&K State,” KCSDS said.
NHPC has grown immensely. From an initial 200 crores in 1975, its investment base has enhanced to over Rs. 38,718 crores [193.5 times rise] as of 2010 with an authorized share capital of Rs. 15,000 crores. In 2009-2010 NHPC made a profit after tax of Rs2090 crores and increase of 94% over the previous year profit of 1050 crores. NHPC is among the top ten companies in India in terms of investment, giving it prestigious Miniratna status. A quantum jump of 94 % in just one year has few parallels worldwide. Bill Gates to oil cartels of Texas [in boom periods of price hike] or for that matter the software giants of Silicon Valley would be proud to emulate such a feat. Reputed international corporations often aim for anything between 15-20% including the expenses related to social corporate responsibility – on a comparative basis 94% is hard to explain especially for a corporation dealing with public utility projects.
KCSDS also took serious note of NHPC’s failure to answer the query in RTI application on return of power projects to state of J&K, taking undue refuge of any revelation hurting the commercial interests of the corporation. As rightly pointed out by Venkatesh Nayak, it is “bad in law and fit to be challenged in due course”. (KNS)
2015 Kashmir Despatch