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Battle hots up over Maytas
September, 18th 2009

A fortnight after the Company Law Board (CLB) handed over Maytas Infra to IL&FS, a tug of war has begun between the infrastructure major and the Raju camp over who will be the next chief executive officer (CEO).

The issue of who will occupy the CEOs position, which till recently was held by erstwhile Maytas Infra promoter Teja Raju, is learnt to have been hotly debated at a Maytas Infra board meeting held in Hyderabad on Wednesday.

According to sources, Teja Raju, who along with the Raju family, still holds 23% stake in the company (locked in till October 2010), is keen on installing one of his loyalists in the top slot.

The logic being offered: the company needs an experienced Maytas Infra hand who is well-versed with the companys day-to-day affairs.

Sources said the Raju camp has been pushing the case of insiders Chander Sheel Bansal and Rajendra Nimje, both of whom are currently presidents. In fact, Bansals name is learnt to have been strongly mooted at Wednesdays meeting but was shot down by IL&FS officials, who understandably want their own man at the helm.

While, IL&FS officials could not be reached, sources said a decision on the CEOs position was expected to be taken shortly. Wednesdays meeting is understood to have been attended by IL&FS chairman Ravi Parthasarathy, who will also take over as Maytas Infra chairman, IL&FS managing director Hari Sankaran as well as some other IL&FS top guns, along with two government appointed directors Ved Jain and Anil Agarwal.

Teja Raju, who was asked to step down as vice-chairman and CEO of Maytas Infra after the CLB order, had been acting as CEO since January 3, 2009, after the then chief executive officer KP Madhav was arrested in connection with a Nagarjuna Finance depositors case.

 
 
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