CLB gives Maytas Infra time to finalise accounts
26 Oct 2009
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 31 December.
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 30 September 2009 up to 31 December 2009."
Earlier in September, Infrastructure Leasing & Financial Services Ltd (IL&FS) took over Maytas Infra, a company promoted by the kin of disgraced founder of Satyam Computer Services, B Ramalinga Raju. The disclosure of an accounting fraud by Raju had its impact on Maytas Infra also, which lost many contracts and slipped into dire straits.
"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 per cent stake in Maytas Infra and has made an open offer for an additional 22 per cent.
