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.