19 Feb 2009 ET Bureau
CHENNAI: IFCI, which holds 17.44% stake in troubled firm Maytas Infrastructure, has asserted that it is competent to run the Hyderabad-based company, which was founded by disgraced Satyam founder Ramalinga Raju's family.
The institution made the investment in Maytas in October 2008, just one and half months before the Satyam fiasco rocked India's corporate world.
"The government has taken the first step by announcing the re-constitution of the board, since the present management of the company would not be in the position to run the show. It is up to the government to hand over the job to us," IFCI's chairman and MD, Atul Kumar Rai at the sidelines of the inauguration of IFIN corporate office here on Thursday.
"If given responsibility, we are ready to don the role," he said, adding, till then the institution would play the role of minority shareholder with responsibilities. "IFCI as an institution has done it earlier with very many companies," he further added.
"If we are overlooked, we have to play the role of 17.44%," Mr Rai said. But he was clear the company should first clear its links with Satyam. "Maytas must first get its name cleared from Satyam. Then we can see what we can do from investors point of view," Mr Rai added,
On L&T and IFCI showing interest to run Satyam and Maytas respectively, he said, "It is two different cases. L&T utilised market condition to increase its share in Satyam, while we already have 17.44% in Maytas even before the problem started." The institution has already revoked guarantee on a Rs 95 crore that Maytas got from ICICI.
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