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Maytas gives pink slips to some employees
January 16, 2009 20:28 IST
Ramalinga Raju family-run Maytas Properties on Friday said it has laid off some of its employees and has put on hold some of its projects.
"Only non-critical resources, which would not impact current focus areas, have been asked to leave with full compensation," the company said in an e-mail statement to PTI.
As of date, the company has 449 employees on its roll, a company spokesperson said, adding it would be difficult to say off-hand the number of non-critical employees removed from the service.
The employees from non-critical trades have been given pink slips in the last one week owing to the management's decision to put on hold some of the projects that does not have customers, due to slow the down in the real estate industry.
However, the company said it is not shutting shop and will complete all its flagship projects like Maytas Hill County Phase I and Maytas Hill Country SEZ.
The company said the management has decided to focus on fewer projects to ensure the resources are not spread thin.
The management will continuously reassess the market conditions and take appropriate steps to get back on track with its growth model, company said.
It categorically denied that the developments in Satyam [Get Quote] have had an impact on the operations of Maytas Properties and its business is as usual.
Meanwhile, the Andhra Pradesh government on Friday said it will release the particulars of the agreements with the Maytas Properties.
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