CLB allows Maytas Infra to finalise Q2 results by Dec 09
October, 26th 2009
Crisis-hit Maytas Infra today said the Company Law Board has given time to the company to report its accounts for the quarter ending September by December 31.
In a filing to the Bombay Stock Exchange, Maytas Infra said, "The CLB, vide its order dated October 23, 2009, granted extension of time for publication of financial results of the company for the quarter ended September 30, 2009 up to December 31, 2009."
Earlier in September, Infrastructure Leasing & Financial Services (IL&FS) took over Maytas Infra, a company promoted by the kins of disgraced founder of Satyam Computer Services, B Ramalinga Raju.
Disclosure of accounting fraud by Raju had its impact on the Maytas Infra also which lost many contracts and slipped into dire straits.
Also the takeover attempts of Satyam, before the disclosure of fraud by Raju, had to be aborted following protests by Satyam shareholders.
In a bid to revive the company, the CLB allowed the infrastructure major IL&FS to take over the company and appoint its own management.
"IL&FS, with the help of Senior Executives of the Company as well as Internal and Statutory Auditors, is reviewing the financial status of the Company to decide upon the strategy to further boost the stakeholders' confidence", the filing with the BSE said.
The company, which has appointed four nominee directors-- Ravi Parthasarathy, Hari Sankaran, Arun Saha and K Ramchand-- from the IL&FS Group on the board of Maytas Infra, had sought extension of two months for publication of the quarterly figures from the CLB.
Pending review of the financial status, the statement said, "finalisation of quarterly financial results is likely to take some time."
IL&FS currently owns a 37 per cent stake in Maytas Infra and has made an open offer for an additional 22 per cent.
CLB had also allowed Satyam Computer (now rebranded Mahindra Satyam) to finalise its accounts to June 30, 2010.
Shares of Maytas Infra surged five per cent today hitting the upper circuit at Rs 171.35 on the BSE.