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WEF to decide on Maytas status after probe
March 04, 2009 17:53 IST
The World Economic Forum on Wednesday said it will wait for the legal investigation of crisis-ridden Maytas Infra to be completed before deciding on the infrastructure entity's status on its list of prestigious companies worldwide.
The WEF had named Maytas Infra along with 22 other Indian firms on its list of 'Global Growth Companies' published in December last year.
Responding to a question on whether the WEF would exclude the company from the list, an official of the Forum said that it is aware of the allegations surrounding Maytas Infra and the ongoing process.
"As such we would wait until the proper process of legal investigation has taken place before making any comment or taking any action. . .," a WEF spokesperson told PTI in an emailed statement from Geneva.
The government has initiated an investigation against Maytas Infra for alleged financial irregularities committed by its promoter group -- the family of Satyam [Get Quote] Computer founder B Ramalinga Raju.
Moreover, the government has moved the Company Law Board seeking permission to supersede the company's existing board. Meanwhile, the Forum created the community of Global Growth Companies to highlight the next generation of industry leaders, the spokesperson said.
"It supports them as they navigate the challenges of new geographies, markets, cultures and regulatory systems as they become a major driving force in social and economic development," the official noted.
According to the WEF, GCCs consist of firms that typically have revenues between $100 million and $2 billion.
These entities are expanding outside their traditional boundaries and those which experience growth rates exceeding 15 per cent year-on-year, it added.
The Forum said that such companies also have demonstrated leadership in a "particular industry" and have an "outstanding executive leadership".
Amalgamated Bean Coffee Trading Company, Amira Foods (India), Apollo Hospitals Enterprise [Get Quote], Apollo International, CMS Computers, Crompton Greaves [Get Quote], Dabur India [Get Quote], Educomp Solutions [Get Quote] and Financial Technologies (India) are also part of the list.
Other entities on the list are Genpact, iGate Global Solutions, Moser Baer India [Get Quote], Mphasis, Multi Commodity Exchange of India, Praj Industries [Get Quote], Rajshree Sugars & Chemicals, Ramsarup Group, Rupa & Co, Union Bank of India [Get Quote], Wadhawan Holdings Private Ltd, Wockhardt Ltd [Get Quote] and YES Bank [Get Quote].