Andhra Pradesh chief minister YS Rajasekhara Reddy said on Sunday public projects being implemented by Maytas Infra in the state, individually or as part of consortia, were being closely reviewed. Andhra Pradesh chief minister YS Rajasekhara Reddy said on Sunday. The total value of the projects awarded to Maytas and its joint venture partners amounts to Rs 3,800 crore (Rs 38 billion).
Though the decision to pull out of the Rs 8,603-crore (Rs 86.03 billion) multi-services SEZ project in Tamil Nadu has been taken by the MMTC brass, the formal approval for aborting the plan is expected on January 16 from the MMTC board.
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.
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Ramalinga Raju founded Satyam in 1987.
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Corporate lawyers say the fine on independent directors will make them more cautious and some will be wary of taking assignments from companies with low corporate governance standards.
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