Hyderabad, May 24 : The Hyderabad Metro Rail Ltd (HMR), which is overseeing implementation of the mega Rs 14,132 crore Hyderabad Metro Rail project in public private partnership (PPP) mode, has today invited competitive bids from reputed chartered accountancy firms for appointment as Statutory Auditors for the Hyderabad metrorail project.In a release, HMR Managing Director Mr NVS.Reddy has stated that HMR will announce a panel of five top chartered accountancy firms from among the applicants scoring the highest points on the basis of their experience in the past five years and forward the panel to the Concessionaire L and T Metro Rail (Hyderabad) Ltd.
L and T MRHL will then appoint one of the firms from the panel as Statutory Auditors for certifying the books of accounts and all other financial statements which will have to be maintained by the Concessionaire L and TMRHL as per the Concession Agreement.L and TMRHL will have to maintain proper records and books of accounts for all income, expenditure, payments, assets and liabilities as per good industry practice and applicable laws, and periodically submit financial statements certified by the Statutory Auditors to HMR for verification.L and TMRHL will bear the fee payable to Statutory Auditors.In order to maintain strict vigil over the cash flows of the project, it is made mandatory that the cash flows of the project are routed through a special Escrow Account, he said.All the funds received by the Concessionaire including bank loans, passenger fares, real estate rentals and VGF grant amounts will have to be deposited in this Escrow Account, the release added.
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L and T MRHL will then appoint one of the firms from the panel as Statutory Auditors for certifying the books of accounts and all other financial statements which will have to be maintained by the Concessionaire L and TMRHL as per the Concession Agreement.L and TMRHL will have to maintain proper records and books of accounts for all income, expenditure, payments, assets and liabilities as per good industry practice and applicable laws, and periodically submit financial statements certified by the Statutory Auditors to HMR for verification.L and TMRHL will bear the fee payable to Statutory Auditors.In order to maintain strict vigil over the cash flows of the project, it is made mandatory that the cash flows of the project are routed through a special Escrow Account, he said.All the funds received by the Concessionaire including bank loans, passenger fares, real estate rentals and VGF grant amounts will have to be deposited in this Escrow Account, the release added.
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