The Privatisation and Corporatisation Board (PCB) has refused to release the financial statements of Directors of State-Owned Enterprises (SOEs) under the Right to Information (RTI) Act.

There are increasing allegations of fraud and corruption in some SOEs, with some senior executives accused of unjust enrichment.

When Adhadhu requested financial statements of SOE Directors, the PCB referred the matter to the Finance Ministry, instead of responding.

But the RTI Act mandates that the requested information must be disclosed if the office is in possession of it.

As per Article 10 of the Code of Conduct, Complaints and Action Procedure for Directors of SOEs, every Director is required to publish the financial statements on the company website and share in writing with the PCB before January 31 each year.

However, many companies have not complied with the rule even after the deadline expired. Adhadhu requested the PCB to find the following information:

• Which companies filed financial statements by the deadline?
• Who are the directors who have and have not filed financial statements?
• Copies of financial statements submitted to the PCB (after removal of personal information).

Instead of providing information, the PCB referred the matter to the Finance Ministry, but the ministry has not yet responded.