Mumbai: Crisis-hit Maytas Infra on Monday said
the Company Law Board has given time to the company to report
its accounts for the quarter ending September by December 31.
In a filing to the Bombay Stock Exchange, Maytas Infra
said, "The CLB, vide its order dated October 23, 2009, granted
extension of time for publication of financial results of the
company for the quarter ended September 30, 2009 up to
December 31, 2009."
Earlier in September, Infrastructure Leasing & Financial
Services Ltd (IL&FS) took over Maytas Infra, a company
promoted by the kins of disgraced founder of Satyam Computer
Services, B Ramalinga Raju.
Disclosure of accounting fraud by Raju had its impact on
the Maytas Infra also which lost many contracts and slipped
into dire straits.
Also the takeover attempts of Satyam, before the
disclosure of fraud by Raju, had to be aborted following
protests by Satyam shareholders.
In a bid to revive the company, the CLB allowed the
infrastructure major IL&FS to take over the company and
appoint its own management.
"IL&FS, with the help of Senior Executives of the
Company as well as Internal and Statutory Auditors, is
reviewing the financial status of the Company to decide upon
the strategy to further boost the stakeholders' confidence",
the filing with the BSE said.
The company, which has appointed four nominee directors
-- Ravi Parthasarathy, Hari Sankaran, Arun Saha and K
Ramchand-- from the IL&FS Group on the board of Maytas Infra,
had sought extension of two months for publication of the
quarterly figures from the CLB.
Pending review of the financial status, the statement
said, "Finalisation of quarterly financial results is likely
to take some time."
IL&FS currently owns a 37 percent stake in Maytas Infra
and has made an open offer for an additional 22 percent.
CLB had also allowed Satyam Computer (now rebranded
Mahindra Satyam) to finalise its accounts to June 30, 2010.
Shares of Maytas Infra surged five percent today hitting
the upper circuit at Rs 171.35 on the BSE.
Bureau Report
First Published: Monday, October 26, 2009, 15:45