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Rediff News  All News  » Business » Satyam: Ministry wants PSUs to relax bidding norms

Satyam: Ministry wants PSUs to relax bidding norms

May 15, 2009 19:04 IST

The corporate affairs ministry has written to various ministries, including telecom, railways and steel, to tell their PSUs to exempt crisis-ridden Satyam from submitting balance sheets while bidding for projects as the IT firm has yet to finalise its accounts.

The MCA has written letters to various ministries following a request by the Satyam board that public sector undertakings should not insist on the financial statements and other information like details of turnover from the company while seeking bids.

Satyam chairman Kiran Karnik said, "We have approached the ministry seeking a formal letter which says that PSUs should not insist on Satyam's audited financial statements. We still have not received our restated accounts".

Pointing out that Satyam was not seeking any favours as it was a viable company, he said, "We want to get selected on merit. All we have asked for is a relief from submitting our audited accounts".

Under the standard bidding norms, a company is required to furnish audited financial statements at the time of submission of bids for projects.

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