This is true for the consulting companies (some of them atleast). The rationale here is that GMAT acts as a good barometer/indicator to check analytical abilities. I know specifically of one person who was asked to retake the GMAT for his placements.
However it is untrue that a GMAT score itself would be a reason to select/reject you. Your education, experience, knowledge, personality, etc have a far, far greater relevance than a 3-digit score on a standardized test.
Arun