Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Popular Search: ACCOUNTING STANDARD :: form 3cd :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: due date for vat payment :: articles on VAT and GST in India :: VAT RATES :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: ACCOUNTING STANDARDS
« General »
 India’s GST among most complex in world, and it is 0% tax rate that is hurting the idea
 Can’t overrule courts with retrospective amendments, says Supreme Court
 Why tax planning should be an all-year round activity
 8 financial tasks you should do in the next 30 days
 Income Tax department may defend CPC in returns fraud case
  Income tax department sends notices to investors over tax treaty gains
 Seven months after GST rollout: Time for handholding over, Centre to intensify efforts to curb tax evasion
 Individual angels may get tax relief too
 The differences between tax and cess
 Startups that raised funds from angel investors face tax scrutiny
 Tax collection assumptions in India's budget ambitious

Satyam wants govt support in its bids for PSU projects
April, 23rd 2009

Satyam Computer Services, which has found a new owner in Tech Mahindra, will continue to ask the government to support its bids for PSU projects. Chairman Kiran Karnik told ET that the firm will continue to request the government to ask PSUs to waive the criteria seeking financial information in its tenders where Satyam is participating. The company had earlier sought similar government intervention in PSU tenders, such as those of BSNL, ISRO, HUDCO and Vizag Steel Plant.

The latest instance of the government stepping in to support Satyam is the Indian Railways project. There is a standard requirement in all PSU tenders that you provide financial information for instance, the balance sheet for the last three years in the bid. We had requested the government to waive this clause for Satyam on a case-by-case basis when a PSU tender came up. In future, too, we will request the government, as the accounts are still being re-stated, Mr Karnik said.

Satyam, whose founder B Ramalinga Raju admitted in January to cooking the companys books for years, has to re-state its accounts for nearly six years. Global auditing firms KPMG and Deloitte are re-stating the companys accounts. The Company Law Board has extended the deadline for Satyam to file returns and documents, including quarterly financial results up to December 31, 2009.

Mr Karnik, who was appointed by the government as Satyam chairman, said he could not say when the re-statement of accounts would be completed. Its a difficult process. A large team at two audit firms is working its way backwards on the balance sheet for the last 5-6 years, he said.

Mr Karnik, who had earlier sought government support for Satyams bid in PSU tenders, had recently asked for similar intervention in a railway ministry project under the Centre for Railway Information System (CRIS). Satyam had emerged as the L1 or lowest bidder, but the railway ministry demanded audited financial statements before finalising the bid. The government stepped in to send a fair letter to the chairman of the railway board.

But sometimes, the government support is not enough to snap up PSU projects. Despite the government stepping in, BSNL refused to entertain the Satyam bid due to non availability of solvency certificate based on certified financial statements.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Article Management Solutions System Article Management Software S

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions