Chennai: Widespreadfinancial mismanagement, tender irregularities and governance deficits across Tamil Nadu’s State Public Sector Enterprises resulted in compliance-related financial implications of Rs 3,298.75 crore, a CAG report has revealed.

The Comptroller and Auditor General of India, in its Compliance Audit Report on Commercial Enterprises for the year ended March 31, 2023, noted that 22 public sector undertakings had suffered complete erosion of capital. The report was tabled in the State Legislative Assembly on September 8.

The report primarily covers the accounts of SPSEs for the financial year 2022-23. It also includes observations relating to earlier years that could not be reported previously.

According to the report, the combined net worth of the 22 enterprises was negative at Rs 1,93,132.98 crore against an equity capital of Rs 33,263.46 crore.