in reply to MIME::Lite - Relay access denied

I suggest you add Debug => 1 to your send() call, so you can see the exact smtp conversation. That should tell you if the authentication even takes place, and how the server reacts to it.

$msg->send( 'smtp', 'smtp.myserver.com', AuthUser=>'srikanth@myserver.com', AuthPass=>'mypass', Timeout=>60, Debug => 1 );