Keen to induct four representatives of the Saudi group on its board.
After failing to get a go-ahead from the Company Law Board (CLB) on inducting representatives of the Saudi BinLadin Group (SBG) on its board, Maytas Infra is now planning to insist on their induction by approaching the board again.
“We will appeal to the CLB again on inducting the SBG representatives on the Maytas board,” Ravi Parthasarathy, chairman of IL&FS, said.
After finalising a deal with SBG for sale of about 20% equity, the IL&FS-promoted Maytas was keen on inducting four representatives of the Gulf-based group on the company’s board. However, the CLB had shot down the proposal on the grounds that the stake sale would give management control of the company to SBG rather than IL&FS.
“We are studying the circumstances under which the orders have been passed (by CLB),” Parthasarathy said.
“We are in touch with the government after that and we will probably file a petition with the CLB again. It is something we don’t understand. The government also filed an affidavit indicating their full support,” he added.
SBG had acquired 20% stake in Maytas Infra for Rs301.92 crore.
Maytas has been settling the debts the earlier promoters of Maytas had imposed on the company through one-time settlement (OTS) agreements with various lenders.
According to Parthasarathy, it has concluded OTS with seven banks, while OTS with two more banks — BNP Paribas and Standard Chartered Bank — is in the final stages.
“After the restructuring, the company’s debt will be reduced to Rs800-850 crore from Rs2,000 crore,” said Parthasarathy.
On the issue of Rs323-crore inter corporate deposits extended to firms promoted by the tainted promoter of Satyam, B Ramalinga Raju, and then allegedly routed to Satyam Computer Services, Parthasarathy said Maytas was hopeful the new owners of Satyam would provide some clarity on the issue in the re-audited accounts of the IT company, due for announcement on September 29.
“My understanding is that the ministry is in touch with them (Satyam). We have not received any single deposit from the family or from Maytas properties or Satyam. So any statement made about circular money is incorrect and misleading,” Parthasarathy said.
Meanwhile, Maytas Infra is expecting $200 million worth of infrastructure orders in the Gulf region through its new partner SBG.
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