Quotes with Resistance & Support
Market Information

Satyam ‘ghost’ haunts Maytas

This article was posted on Jul 16, 2009 and is filed under Press Releases

The fact it is promoted by kin of disgraced Satyam founder Ramalinga Raju is continuing to haunt Maytas Infrastructure, although it has a healthy order book of Rs 8,000 crore and is no longer run on a day to day basis by Teja Raju.

“We feel pained by the continuous equation of Maytas with Satyam, though they are two different legal entities. The only association is that it is promoted by Raju’s son Teja Raju,” a senior official of the firm told PTI, but did not wish to be identified.

Maytas Infra board moves CLB for removal of former director

Teja Raju who is still the vice-chairman of the company does not look after the day to day activities. The company is run by the executives. Major decisions of strategic nature has to be cleared by the government-nominated independent directors, the official said.

The infrastructure firm was this month stripped of the Rs 12,000 crore Hyderabad Metro Rail Project after it failed to tie-up funds.

Maytas Infra steps up debt recovery efforts

The official said the company still has an order book of Rs 8,000 crore. “These projects should be executed in the next three years,” he added.

None of the orders that were cancelled were on the grounds of performance. They went because the company was facing a cash-crunch. However, things have started improving now.

source: Sifty Finance

Tags: , ,

Similar Posts:

Breakouts

+ve 30 DMA    50 DMA    150 DMA    200 DMA
-ve 30 DMA    50 DMA    150 DMA    200 DMA

Latest Query

Samrudhiglobal.com wishing you and your friends and family Advance xmas and Happy New year...view more »
- by Sam
Status: Awaiting reply

Market Stats

Search Our Archives

Latest Investment Idea

Recent Comments