Maytas Infra to go ahead airport projects

Hyderabad: The board members of Maytas Infra Ltd denied any involvement of the Ministry of Corporate Affairs in getting the nod for Maytas to execute the Shimoga and Gulbarga airports and two projects of Power Grid Corporation Limited.
It clarified that it would go ahead with the execution of the airport projects irrespective of the consortium members’ stand on them.
Maytas Infra Ltd, the troubled infrastructure company promoted by the family of Satyam founder B Ramalinga Raju, is making efforts to recover Rs 380 crore inter-corporate debt from Satyam Computer Services, according to Maytas Chairman K Ramalingam.
Disclosing this to the media after the company’s board meeting here today, he said Maytas Infra lent the amount to 14-15 other companies that were under its control and they, in turn, put it in Satyam.
There was documentary proof for all the money that went out of Maytas Infra, he said, clarifying that the companies to which the money was lent were not its subsidiaries.
However, Ramalingam did not disclose how many of these 14 companies belonged to Raju. It was yet to be ascertained if the money given by Maytas to the borrowing companies to be routed to Satyam was from the initial public offer (IPO) funds. The government-appointed board was working on options to recover the money, he said.
Along with Ramalingam, government appointed directors Anil Agarwal and Ved Jain were present at the Maytas Infra board meeting. The board did not make any recommendation for selling a stake in Maytas Infra to the corporate affairs ministry.
19/07/09 Business Standard

To Read the News in full at Source, Click the Headline

Categories: Airports Jul 2009, New Jul 2009