'P K Madhav, the whole time director and chief executive officer of Maytas Infra Ltd, tendered his resignation from directorship as well as CEO of the company owing to personal reasons,' Maytas said in a filing to BSE. Maytas Infra, promoted by the family of disgraced Satyam founder B Ramalinga Raju, has been hitting headlines ever since the IT firm announced a deal to acquire the company, which was later called off following strong opposition by investors.
Maytas Infra Ltd will again petition the Company Law Board to allow it to induct the Saudi Binladen Group (SBG) as its strategic partner, according to IL&FS and Maytas' chairman, Ravi Parthasarathy.
The newly appointed (by the government) board members, O P Vaish and Ved Jain, said the company and its lenders were expected to reach an agreement in this regard by March 25. The board met in Hyderabad under the chairmanship of Vaish and sought information on the state of the company and the various projects it was implementing and negotiating. Vice-Chairman B Teja Raju and Additional Director B Narasimha Rao were present.
Three financial institutions--IDBI Bank, ICICI Bank and IL&FS Ltd--that have lent money to Maytas Infra informed the Company Law Board on Friday that they are not interested in board membership in the Hyderabad-based firm.
Infrastructure development firm Maytas Infra on Thursday said it has bagged an order worth Rs 790 crore (Rs 7.9 billion) from IL&FS Transportation Networks Ltd (ITNL) for road construction work.
The Ramalinga Raju family promoted Maytas Infrastructure on Thursday said its chairman and non-executive director R C Sinha has tendered his resignation.
Andhra Pradesh's Municipal Administration and Urban Development Minister Anam Ramnarayana Reddy said a meeting would be held shortly and various milestones achieved in the project ever since it was awarded to Maytas Infra would be reviewed. The concession agreement and its clauses would be reviewed at the meeting, said a senior official, adding the government was serious about the clauses and there was no question of taking a soft stance.
The government had removed all directors related to the Raju family from the board of Satyam before it was handed to the Mahindra group.
Maytas Infra will now have to submit a Rs 240 crore bank guarantee and will get a 60 day breather by paying a penalty. "The global recession and the consequent credit squeeze in national and international capital markets has created a force majeure situation. Besides, the ongoing PIL (filed by an NGO) is having an extremely deleterious effect on our ability to achieve the financial closure," said the company.
Maytas Infra was entrusted with the task of constructing a township colony at Rs 233 crore (Rs 2.33 billion) in Jharsuguda following a contract in March 2008, a Vedanta official told PTI.
Maytas Infrastructure Ltd, the listed company floated by the promoters of Satyam Computer Services, plans to raise Rs 800 crore to Rs 1,000 crore through asset sales plus loan and guarantees from banks to complete various projects, including the prestigious Hyderabad Metro, and to bid for some new projects that are coming up for auction.
Hyderabad-based KVK Energy and Infrastructure has parted ways with its beleaguered joint venture partner, Maytas Infra, in setting up a 1,050-Mw thermal power plant in Orissa under the banner of KVK Nilachal Power Pvt Ltd.
In the coming days, other lenders are expected to initiate similar steps to recover their dues from the company, which is facing the prospects of a change of management. IFCI executives said that the company revoked the guarantee earlier this month to recover its dues amounting to Rs 95 crore from Maytas Infra.
The latest penalties for insider trading follows an earlier disgorgement order passed by Sebi in July last year.
On February 17, 2009, Satyam case was handed over to CBI.
Besides the chief minister of Telangana, Modi was accompanied by Governor of Andhra Pradesh and Telangana E S L Narasimhan, Union Minister for Housing and Urban Affairs Hardeep Singh Puri, Telangana's IT Minister K T Rama Rao and state Bharatiya Janata Party chief K Laxman in the much-awaited train's inaugural run.
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