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MCA conducting audit of 300 companies including PSUs

india Updated: Feb 05, 2009 20:55 IST

The Ministry of Corporate Affairs is conducting an audit of 300 companies including some public sector undertakings (PSUs), a top Ministry official said.

The audits were part of a routine undertaken every year and based on complaints received or market intelligence, he said on the sidelines of a CII-organised function in Mumbai on Thursday.

Referring to the Satyam scam, the official said that investigations into it were still going on.

On the possibility of Satyam having inflated the number of its employees, he said that the number of higher bank accounts of employees might also include those who had left the organisation. These accounts may not have been closed, he said.

Referring to Educomp, the share price of which got hammered recently following reports of inspection by Government agencies, he said that complaints against the company were unsigned.