Scam Spread: Govt Moves CLB To Supercede Boards Of Two Maytas Firms

19 February, 2009

After taking over Satyam Computer Services, the government has asked Company Law Board for removal of the directors of Maytas Infrastructure and Maytas Properties. Corporate Affairs Minister Prem Chand Gupta has said that the government has found evidence of the two companies being involved in the Satyam scandal.

The move follows government expanding the probe by Serious Fraud Investigation Office (SFIO) to the two Maytas firms.

CS Bansal, President of Transportation and Oil & Gas at Maytas Infra, had earlier resigned as director of the firm.

The two Maytas firms are promoted by Satyam’s promoters, the Raju family. Maytas Infrastructure is a listed company, whose stock price fell by nearly 5% to Rs 54.15 today. The government is likely to appoint new directors for the two Maytas Infrastructure and Maytas Properties and has already shortlisted some names.

This development comes as Gammon India and IL&FS have reportedly shown interest in acquiring Maytas Infrastructure.

K. Thiagarajan, CEO of Maytas Properties, who has also held senior positions at Satyam, had recently put in his papers. The company’s CFO is also reportedly absconding with important documents.


Leave Your Comment
Maytas Infra To Sell Stakes in Expressways - Report

Maytas Infra To Sell Stakes in Expressways – Report

Reuters 8 years ago
Maytas Infra Ltd, linked to fraud-hit Satyam, has decided to sell part of its stake in two expressway projects to generate liquidity, the Business Standard...
Satyam Buys 100% In Maytas Properties & 51% In Maytas Infra

Satyam Buys 100% In Maytas Properties & 51% In Maytas Infra

Pallavi S 9 years ago
Desperate times call for desperate actions. India’s fourth largest IT services firm Satyam Computer is acquiring 100% stake in Hyderabad-based Maytas Properties for $1.3 billion...
Satyam Fallout: M Rammohan Rao Resigns As ISB Dean

Satyam Fallout: M Rammohan Rao Resigns As ISB Dean

TEAM VCC 9 years ago
Mendu Rammohan Rao has resigned as the Dean of the Indian School of Business, a privately managed business school in Hyderabad. His resignation comes a...
No Comments

Scam Spread: Govt Moves CLB To Supercede Boards Of Two Maytas Firms

Powered by WordPress.com VIP