Maytas Infra board to be revamped: report
31 Aug 2009
Even as realty company Maytas Infra reported a net loss of Rs473.55 crore for the last fiscal year, the ministry of corporate affairs is readying for a change in management, according to a report.
The Maytas directors have approached the Company Law Board in this regard,which is expected to rule today, says The Economic Times. ''The major stakeholders and lenders of the company, including ICICI, IDBI and IL&FS, have also pushed for representation on the board,'' the paper quoted an unnamed ministry official as saying.
Meanwhile, Maytas, the listed company run by the family of jailed Satyam Computer Services founder B Ramalinga Raju, has reported a net loss of Rs473.55 crore for the financial year ended 31 March, compared to a net profit of Rs90.74 crore in the corresponding period of the previous year.
On a consolidated basis, net revenues for the year were down 12.23 per cent to Rs1,644.65 crore from Rs1,873.93 crore during the corresponding period previous year.
On a standalone basis, the company incurred a net loss of Rs489.78 crore, compared to a net profit of Rs99.94 crore the previous year. Revenues dropped 18.47 per cent to Rs1,334.87 crore, compared to Rs1,637.35 crore in the corresponding period previous year.
For the quarter ended 30 June, the company reported a net loss of Rs16.28 crore as against a net profit of Rs20.05 crore in the corresponding period previous year. It revenues for the quarter reported a fall of 46 per cent to Rs208 crore from Rs384 crore during the corresponding period previous year.