ISLAMABAD – Taking serious notice over absence of the National Fertilizer Corporation of Pakistan (NFC) chairman to answer the audit objections related to his organisation, the Public Accounts Committee (PAC) on Thursday summoned him and the deputy secretary in next meeting.The PAC meeting, chaired by Nadeem Afzal Chann, also constituted a sub-committee to see the matters related to the auto industry.Malik Pervez, Abid Sher Ali, Saeed Zafar and Noor-ul-Haq are the members of the sub-committee, headed by Hamid Yar Hiraj, which will submit a report to the government within two months.“It is necessary to break the cartel to avoid wrongdoings,” the PAC chairman said.Discussing the Pakistan Steel Mills (PSM) issue, PSM Chairman Lt-Gen (r) Muhammad Javed suggested not privatising the organisation.“It has been profitable organisation as it has much potential,” he said, adding that the PSM had been suffering a loss of Rs 1.5 billion every month.He informed the committee that the organisation had an outstanding amount of Rs 28 billion and it was need of the hour to provide money in a single go, otherwise the organization would continue suffering losses.Earlier, the PAC raised a volley of questions regarding the way to avoid heavy losses and the alternate plans to run the organisation in profit. Chann said apart from the financial package, the PSM also needed to be bailed out from the corrupt mafia.Reviewing the audit objection related to the Utility Stores Corporation (USC), some of the PAC members expressed serious reservations over not providing proper relief to the masses. They were of the view that an artificial shortage had been created during the holy month of Ramadan.The chairman PAC said the committee would take detailed briefing from the USC discussing all the matters.About the audit objection regarding about shortfall in recoverable money, the chairman asked to follow the court cases.On the audit report related doubtful receivables amounting to Rs 51.45million, the PAO informed that they were vigorously pursuing the case as it is in the court.As per accounting standard and procedures outstanding amount over and above three years are treated as doubtful by the auditors and based on their advice these have been booked under this accounting head.Expressing displeasure on it, a PAC member from PML-N, Abid Sher Ali, said it was not understandable that peoples had to move the courts for their recoveries.About the irregular and unjustified payment of medical benefits to ex-employees of Pak-Saudi Fertilizers Limited after privatisation of Rs 29million, the committee has given one-month time to resolve the matter.Reviewing the audit objection regarding loss on auction sale of fixtures and fittings below book value of Rs 2.3million, the audit official informed that the officer of SMEDA, Lahore was shifted from Al-Khair House to Waheed Trade Complex April 2002.At the time of vacation of former building, the fixtures and fittings having book value of Rs 3,032,351 were sold to the former landlord at a very nominal price of Rs 700,000 which resulted a loss to SMEDA, audit informed.The legal suit is pending in the court and management has fully provided for the contingent loss in the accounts. On it, PAC members said that the responsibility should be fixed on the persons involved in it. The Auditor General of Pakistan (AGP) was of the view that the PAC had been given many things to settle, which caused poor governance happen in many instances.