18 Apr 2009,
HYDERABAD: The board of Maytas Infra Limited met here on Friday under the chairmanship of K Ramalingam, and Anil K Agarwal, O P Vaish and Ved Jain all government-nominated directors along with Teja Raju, vice-chairman and whole-time director and B Narasimha Rao, the whole-time director, according to a company release.
The board had extensive discussions on the business plan, orders in hand and under execution. More importantly, it also had discussions with bankers as well as the chairman of IL&FS Infrastructure Leasing and Financial Services (IL&FS), Ravi Parthasarathy, amid reports that it appears set to take over Maytas Infra soon. Interestingly, IL&FS owns a 37% stake in Maytas Infra. The acquisition could be through the creeping route or through open public offer. It may be recalled that the Company Law Board (CLB) decided on February 27 not to allow IL&FS even a board representation saying that there was an inherent conflict of interest in it being both a significant shareholder in the company and a significant creditor. IL&FS was also a competitor as it sought to promote projects in which it held an equity stake, the CLB had observed. However, the CLB decided to appoint four independent directors and left it to them to decide the fate of the beleagured company.
Further, according to reports, IL&FS wanted to work out a solution for Maytas Infra as it led a consortium of around 19 banks and financial institutions which lent Maytas Infra Rs 5,000 crore and had partnered others in several major Maytas projects including the Hyderabad Metro.
The board is also reported to be working on the appointment of a CEO and has formed the project management committee under the chairmanship of Ramalingam. The board after detailed discussions with each of the business heads and senior officials of the company has put a plan of action together so as to ensure timely execution of the orders, added the release.
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