The top post in the company has fallen vacant after the resignation of CEO P K Madhav, who is busy fighting a legal battle involving Nagarjuna Finance.
Now, Maytas Infrastructure is also on a CEO hunt. The top post in the company has fallen vacant after the resignation of CEO P K Madhav, who is busy fighting a legal battle involving Nagarjuna Finance, where he was earlier a director.
Madhav has been associated with Maytas since May 2006. “Madhav has expressed his inability to continue as the CEO of the company in view of his attention and energy being used to address the legal matters pertaining to the Nagarjuna Finance case,” Maytas said in a statement.
“The case filed on Mr Madhav was in connection with his previous employment at Nagarjuna Finance and has no connection with Maytas Infra,” it added.
In the absence of a full time CEO, Maytas’s vice-chairman and the son of Satyam founder B Ramalinga Raju — B Teja Raju — will continue to handle the operational functions of the company.
Madhav was arrested on December 15, 2008, in connection with the alleged duping of depositors of Nagarjuna Finance to the tune of Rs 100 crore.
Along with the Nagarjuna group chairman K S Raju, Madhav too had to spend sometime in the Chanchalguda jail in Hyderabad before coming out on bail.
Meanwhile, Vedanta Resources Plc has cancelled a contract with Maytas Infra Ltd.
Under the contract, Maytas was to build a township at Jharsuguda in Orissa, where Vedanta has a plant. The contract is valued at Rs 230 crore. The mining company cancelled the contract due to the slow pace of work and non-payment to workers and contractors. Though the contract was awarded to Maytas in March 2008, a company spokesman said just about 10% of the work was completed. Maytas too has informed
Vedanta its inability to mobilise any further funds to complete the project due to the controversy involving Satyam.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}