Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: form 3cd :: VAT Audit :: VAT RATES :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: empanelment :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS
 
 
News Headlines »
 Is government tapping your phone?
 Income tax department to use analytics to look for discrepancies in bank accounts
 GST Council fails to break deadlock over indirect tax regime, next meet on Dec 11 and 12 to hammer out differences
 Invoking Writ Jurisdiction For Income Tax Matters
 How to file income-tax returns online
 How Income Tax Returns Are Scrutinised
 All About New Income Disclosure Scheme to make Demonetisation successful
 Your deposit may draw income tax notice
 Accepting payment under IDS 2016
 New disclosure scheme could see 50% tax and 4-year limit on cash use for unaccounted deposits
 Pay 50% tax on unaccounted deposits, or 85% if caught, says Modi government

Maytas diverted Rs 1,200 crore to Satyam
August, 06th 2009

The government-appointed board of Maytas Infra may be in for a surprise, with fresh gaps discovered in the company's accounts pointing to a scam of unforeseen magnitude. "There is a possibility of fund diversion to the tune of Rs 1,200 crore from the company to fraud-hit software exporter Satyam," said a banker familiar with the development.

The erstwhile promoters of Maytas led by B Teja Raju, the eldest son of disgraced promoter of Satyam, B Ramalinga Raju, had assured banks that they would recover the money from Satyam, he said, requesting anonymity.

The board, which is expected to meet next on August 7, is still figuring out how to recover the amount. However, the quantum of funds diversion could not be independently verified.

"We have found that nearly Rs 380 crore from Maytas Infra and Rs 220 crore from Maytas Properties have been diverted into Satyam by way of inter corporate deposits (ICDs). We are not aware if a total of Rs 1,200 crore have been diverted," said Ved Jain, former president of accounting watchdog ICAI who is a government-appointed director of Maytas Infra.

Bharat Doshi, the chief financial offer of Mahindra and Mahindra, the current owner of Satyam, said the company will not comment until the accounts of Satyam are restated. Satyams accounts are expected to be restated by the end of this calendar year. A Maytas Infra spokesperson refused to comment on the issue.

OP Vaish, another government-appointed board member of Maytas, said the board is monitoring the situation. "This is not a static situation, and everyday something is happening. We have been monitoring the company for the past three months now, but we will take time to straighten out all the issues," he said.

The board approved a corporate debt restructuring (CDR) package last month, and appointed SBI Capital as the company's financial advisor for restructuring its corporate debt involving 18 lenders including ICICI Bank, State Bank of India and IDBI.

CDR package is the first big step towards restoring stability at Maytas, as it will ease the liquidity crunch and enable faster execution of ongoing projects, allowing Maytas to bid for new projects.

Maytas had an outstanding debt of nearly Rs 1,700 crore. Currently, Maytas Infra has an order book of Rs 7,525 crore. It is currently executing Gulbarga & Shimoga Airport projects in Karnataka and Power Grid Corp projects, which have been put on fast track.

The government-appointed board has met eight times in the past three months to take stock of the situation.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Integrated Software Solutions Integrated Software Development Integrated Software Services Integrated Software Solutions India Integrated Softw

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions