CAG report says Cong govt doled out 'undue benefit' to Satyam

Satyam paid Rs 4.25 Crore as against Rs 170 Crore

PTI | March 31, 2010



The Congress government in Andhra Pradesh doled out "undue benefit" to the tune of Rs 165.75 crore to erstwhile Satyam Computers Limited by allotting 50 acres of prime land at a throwaway price, the Comptroller and Auditor General has said in its report.

While castigating the Congress government on this land deal, the CAG in its latest report submitted to the Andhra Pradesh Assembly today observed: "this transaction was violative of the Constitutional provisions of equality of opportunity and did not meet the requirement of transparency.

"The state government allotted 50 acres of land to Satyam Computers near Visakhapatnam in December 2008 at a concessional rate of Rs 10 lakh per acre. Satyam was actually entitled to get only 7.5 acres at a concessional rate and the rest at market value (Rs 4 crore to 4.55 crore an acre).

"As against Rs 170 crore payable, Satyam paid a merger amount of Rs 4.25 crore. The allotment of land in excess of the limits prescribed in the Information and Communications Technology Policy resulted in an undue benefit of at least Rs 165.75 crore to the company," the CAG report said.

Comments

 

Other News

The transformation trap: Why efficiency is not innovation

Every company is transforming, or so it claims.   There was a time when the word ‘transformation’ carried weight. It signified bold strategic shifts, reinvention of business models, and breakthrough technologies that fundamentally changed how organizations created

The Sardar biography that throws light on our times

Patel: A Life By Rajmohan Gandhi Aleph Books, 568 pages, Rs 1,199   There are many biographi

Climate change, El Niño rewrite Indian monsoon

The month of July exceeded its rainfall target despite forecasts of a below-normal month under a strengthening El Niño. The reason could be that climate change is amplifying monsoon complexity: West Pacific warming, Western Disturbances and evolving ocean conditions increasingly interact with El Ni&

Mumbai has just 1.28 sq.m. of open space per person: Study

Mumbai`s public space crisis is as much about mismanagement as it is about scarcity, and offers a governance roadmap that can be implemented without new legislation, according to a new report by the Urban Design Research Institute (UDRI) and the NGO Alliance for Governance and Renewal (NAGAR).  

Lok Sabha passes amendment bill to improve public examination system

The Lok Sabha on Wednesday passed the Public Examinations (Prevention of Unfair Means) Amendment Bill, 2026 by a voice vote after an extensive discussion. Replying to the debate, minister of state (independent charge) for science & technology; earth sciences and MoS in the PMO, Dr. Jite

Shri Abhijit Phukon (IES, 2004) appointed as Joint Secretary, Department of Agriculture & Farmers Welfare.

 Shri Abhijit Phukon (IES: 2004) has been appointed as Joint Secretary, Department of Agriculture & Farmers Welfare, Government of India. His appointment, approved by the

Upcoming Conferences



-->

Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter