HYDERABAD: Maytas Infra on Tuesday denied any nexus with Satyam, a day after Corporate Affairs Minister Prem Chand Gupta said the investigations into Satyam fraud had informed about apparent nexus between IT company and Maytas. “We strongly refute this (nexus) allegation against the company.

Maytas Infra is in the business of implementing infrastructure projects on EPC, BOT and BOOT basis and is not in the business of real estate and property development,” Maytas Infra said in a statement here today.

Maytas Infra is promoted by the family of Satyam founder B Ramalinga Raju who had admitted to cooking company accounts.

Another Raju family promoted firm Maytas Properties said reports suggesting that the company acquired properties by diverting funds from Satyam were “untrue and incorrect”.
“There has been no receipt or utilisation of any funds belonging to Satyam, by diversion or otherwise, for the acquisition of the rights by MPL (Maytas Properties) in the said lands or for any other purposes of the company,” Maytas Properties said in a statement.

It further said, “MPL also denies the allegations that MPL has been allotted land by the government. MPL has never been the beneficiary of any allotment of land by the government except for lands acquired by MPL through public auction conducted by the government and its agencies. MPL has also paid the entire consideration amounts for acquisition of its rights.”

It also stated that MPL is fully cooperating with various agencies/authorities for establishing these aspects.

source: Economictimes

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