After the Satyam scam, Ramalinga Raju`s family seems to be all set to lose control over Maytas Infrastructure as well. Sources say IL&FS, IFCI and Sicom have written a letter to the Ministry of Corporate Affairs (MCA) asking it to supercede the existing Maytas board. Vishwanath Pilla and Sandeep Srikanth report.
After Ramalinga Raju`s confession, apart from Satyam, the other worst hit company is Maytas Infra. The Raju family owns 36% of the company. Now sources say 30% of shareholding of Raju family was already pledged with IL&FS, IFCI and Sicom.
According to the sources, armed with a controlling stake, IL&FS and others have written to MCA to supercede the existing Maytas Infra board with nominated directors under Section 408 of Companies Act.
The sources believe that IL&FS also wrote a letter to Sebi to relax the lower circuit norms. It also wants Sebi to relax open offer norms in specific to cases like Maytas Infra. Earlier three directors on Maytas Infra board resigned and in a hurried board meeting, the company nominated B Narasimha Rao as additional director to maintain quorum to conduct the board meets. Though the company has an order book of over Rs 11,000 crore including the Hyderabad Metro Rail Project, it looks extremely unlikely that they will take off in the current turmoil.
IL&FS also has 4% stake in the Hyderabad Metro Rail Project in which Maytas Infra holds a major stake. IL&FS also worked closely with banks to get the required funding to achieve financial closure of the metro rail project. Sources say with Raju`s confession, all those efforts hit a roadblock and the project`s future looks bleak. Maytas though did not respond to our queries.
SOURCE: MONEY CONTROL...
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