Maytas CEO P K Madhav quits

P K Madhav, the chief executive officer and full time director of Maytas Infra Ltd, has resigned from his directorship as well as his position as CEO, citing "personal reasons".

Maytas Infra, promoted by the founder of the scam-tainted Satyam Computers B Ramalinga Raju (now in jail) and his family, has been in disgrace ever since Satyam shareholders forced the management to abort plans to buy it at a questionably high valuation.

This adds to a spate of resignations from the troubled company - Maytas Infra's non-executive director and chairman R C Sinha had resigned earlier this month. Its board of directors continues to include independent director R P Raju, the promoter's son and vice-chairman B Teja Raju  and whole time director Chander Sheel Bansal.

Under Maytas Infra's shareholding pattern as on September 2008, Ramalinga Raju's son Teja Raju holds a 2.53-per cent stake, while the entire promoter group, which mainly comprises other members of the Raju family, controls over 36 per cent in the company.

Earlier, Vedanta Aluminium, a subsidiary of the London-based Vedanta Resources, confirmed that it had terminated a contract awarded to Maytas to develop a Rs 233-crore (Rs.2.33-billion) integrated township project in Orissa.