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Formally takes over Maytas Infra
September, 30th 2009

Infrastructure major IL&FS formally took over crisis-hit Maytas Infra and appointed Ravi Parthsarathy as its new Chairman. Maytas Infra's Board meeting was held on Tuesday.

The four nominee directors from IL&FS Group are Ravi Parthasarathy, Hari Sankaran, Arun Saha and K Ramchand, a company release said.

Earlier on August 31, Corporate Affairs Minister Salman Khursheed announced that IL&FS has replaced the B Ramalinga Raju family as promoters of crisis-hit Maytas Infra and will pump in Rs 55 crore to revive the company.

On the same day, the Company Law Board had permitted IL&FS, the largest shareholder in the Maytas Infra holding with about 37.1 per cent shares, to appoint four directors including the chairman.

"It has been a great opportunity to revive one of the leading infrastructure companies in India," company's past chairman K Ramalingam said in a late night release.

"I would like to thank IL&FS Management who willingly came forward and took management control of Maytas Infra. This only affirms our continued belief that Maytas Infra is a great organisation with lot of promise and potential," he said.

Earlier, in pursuance of a CLB order, the government had appointed four nominee directors on Maytas board K Ramalingam, Ved Jain, O P Vaish and Anil K Agarwal to revive the company that was hit by an accounting scam in Raju-founded Satyam Computer. Maytas lost several orders, including the Hyderabad Metro project.

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