Maha loses over Rs 20 crore in deal with Satyam Computers

Land allocated to IT company under CAG scanner

PTI | May 4, 2010




The Comptroller of Auditor General (CAG) of India has rapped Maharashtra Government for giving "undue benefit of over Rs 20 crore" to controversial Satyam Computer Services Limited by selling land at lower rates in Multimodal International Hub Airport (MIHAN) project at Nagpur.

"The Maharashtra Airport Development Company Limited (MADCL) allotted 100 acre land to Satyam at a lower rate of Rs 18 lakh per acre against applicable rate of Rs 24.28 lakh considering it as an 'early bird' offer," the report said.

The land was given to Satyam to set up an IT company at MIHAN on December 5, 2005.

Incidentally, MADCL had approved 100 acre of land at MIHAN to Shapoorji Pallonji and Company Limited at the rate of Rs 26.30 lakh per acre for an IT company on the same day.

"The sale of land to Satyam at lower rate was not justifiable and it resulted in a loss of revenue of Rs 6.28 crore to MADCL owing to undue benefit offered to Satyam," the report said. .

Satyam was also given over 28 acres of additional land on March 3, 2007 without the approval of the competent authority at the rate of Rs 22.35 lakh per acre while the market price during 2005-06 was Rs 72 lakh per acre, the report said.

"The allotment of additional land without the approval of competent authority at less than the prevailing market price of land was irregular and resulted in loss of revenue of Rs 13.93 crore," it 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