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Lose of Rs 20 crore in deal with Satyam Computers

May, 03rd 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.