HYDERABAD: Maytas Infra has decided to contest the move of the Union Government to supersede its board of directors and filed a caveat in the Company Law Board (CLB) seeking copies of the petition filed by the Centre on Wednesday.
The company, which is headed by B. Teja Raju, elder son of former chairman of Satyam Computer Services B. Ramalinga Raju ran into trouble after Satyam announced its proposal to acquire 51 per cent controlling stake in Maytas Infra on December 16, 2008.
A statement by the company said that the Ministry of Corporate Affairs (MCA) had approached the CLB and filed a petition on Tuesday seeking change in the board of directors of Maytas Infra.
The company, in turn, filed a caveat before the CLB, according to which the MCA would have to serve a copy of the petition before it was heard.
The bench of the CLB directed the counsel for the Government to serve a copy of the petition on Maytas Infra and listed the matter for hearing on February 24.
Maytas Infra has not yet received any copy of such petition till date. However, the company has decided to contest the said petition.
Maytas Infra had increased its turnover from Rs. 151 crore in 2004-05 to Rs. 1,764 crore in 2007-08. Following the fraud cast on Satyam Computer surfaced, most of the directors on the board of Maytas Infra resigned. Its CEO P. K. Madhav stepped down following his arrest in the Nagarjuna Finance case last month.
Sources said that even Maytas Properties, a privately-held company promoted by Mr. Raju’s younger son, Rama Raju Jr., is planning to challenge the move of the Centre.
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