May 11, 2009,
The board of Maytas Infra that approved debt recast plan last week, made a presentation to the corporate debt restructuring (CDR) forum. At the forum, the board of directors reviewed the status on built-operate-transfer projects of the company along with the Hyderabad Metro Rail project and the future action to be taken.
"As the CDR scheme is likely to be approved soon, the board is optimistic on the execution of various projects taken up by the company," the company said in a statement.
Major lenders to Maytas Infra, whose outstanding is estimated to be around Rs 1,700 crore, who participated in the meet to review the CDR, included ICICI Bank and IDBI.
Maytas Infra had landed in a financial crisis post the aborted attempt by Satyam Computer Services to acquire a majority stake in it. The board has not yet finalised a new CEO for the company. The former CEO PKS Madhav, had quit in January. Thereafter, Teja Raju, son of B Ramalinga Raju, former chairman of Satyam, has been discharging the CEO responsibilities.
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