NTPC Ltd.
BSE: 532555 | NSE: NTPC
Large Cap | Power Generation/Distribution
308.20
-12.10 (-3.78%) NTPC overstated its profit by Rs 938 cr in FY08: CAG
Date: 10-07-2009State-run power firm NTPC overstated its profits by Rs 938 crore in 2007-08, the Comptroller and Auditor General of India (CAG) said in a report, but categorically stated that chances of Satyam like frauds in PSUs are very remote.
The report, which was tabled in Parliament yesterday, said PSUs Bharat Electronics and BEML also overstated their profits by about Rs 61 crore and Rs 3.06 crore, respectively in 2007-08 financial year.
On NTPC's overstated profits, CAG Principal Director Pramode K Mishra said, that the overstatement was on account of sales of which the case was going on in the Supreme Court and according to the accounting standards, the disputed receipts could be presented in the court.crackcrack