Union Government taking over Maytas

Union Government taking over Maytas

Union Government taking over Maytas

The Corporate Affairs Ministry of the Union Government on Tuesday moved the Company Law Board (CLB) to remove the existing directors of Maytas Infra and Maytas Properties and to declare them as ineligible for appointment as directors in any other company.

These companies belong to the family members of B Ramalinga Raju, the erstwhile chairman of Satyam Computer Services. Raju’s elder son, Teja Raju, runs Maytas Infra while younger son, Rama Raju, manages Maytas Properties.

At present, Maytas Infra has three directors, B. Teja Raju, Dr R.P. Raju and B. Narasimha Rao, while three others, including chairman, R.C. Sinha, C.S. Bansal and P.K. Madhav, resigned from the Board last month. Maytas Properties has three directors B. Ramaraju, B. Tejaraju and Datla Gopala Krishnam Raju.

The Union government has also asked CLB to prevent the directors of these two companies from selling or mortgaging assets owned or controlled by them without prior permission.

Maytas Infra, along with a few joint venture partners, is executing around 93 projects worth Rs 40,000-crore in Andhra Pradesh, Maharashtra, Karnataka and Orissa.

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