Govt failed to establish fraud, says Maytas Infra

6 Mar 2009, PTI


MUMBAI: Maytas Infra, a company promoted by the kin of disgraced founder of Satyam B Ramalinga Raju, on Friday said the government had failed to establish any case of fraud or irregularity against the real estate firm.

"The case of Maytas Infra Ltd is not like Satyam Computer Ltd," the company informed the Bombay Stock Exchange, a day after the Company Law Board (CLB) rejected the petition of the government to supersede the board of the real estate company.

"In view of the above (CLB) order, it is clear that prima facie, there is no fraud established by the government against the company nor is there any irregularity established till date," it added.

In its interim order, CLB allowed the government to appoint four directors on the board of Maytas Infra and one on Maytas Infra.

Earlier, the government extended the scope of Serious Fraud Investigation Office (SFIO) probe into Satyam to cover the twin Maytas companies whose acquisition was aborted by the IT company after protests from institutional shareholders.

Following the CLB directive, the government had appointed former ICAI President Ved Jain and noted tax lawyer O P Vaish on the board of Maytas Infra. Jain was also nominated to the board of Maytas Properties.