Home BusinessCLB allows Maytas Infra to finalise Q2 results by Dec '09
Crisis-hit Maytas Infra today said the Company Law Board (CLB) had allowed the company to report its accounts for the quarter ended September by December 31.
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In a filing to the Bombay Stock Exchange, Maytas Infra said: “CLB, vide its order dated October 23, 2009, granted extension of time for publication of financial results of the company for the quarter ended September 30, 2009, up to December 31, 2009.”
Earlier in September, Infrastructure Leasing & Financial Services Ltd (IL&FS) took over Maytas Infra, a company promoted by the kins of disgraced founder of Satyam Computer Services, B Ramalinga Raju.
Disclosure of accounting fraud by Raju had its impact on Maytas Infra also, which lost many contracts and slipped into dire straits. Also takeover attempts of Satyam, before the disclosure of fraud by Raju, had to be aborted following protests by Satyam shareholders.
To revive the company, CLB allowed the infrastructure major IL&FS to take over the company and appoint its own management.
“IL&FS, with the help of senior executives of the company as well as Internal and Statutory Auditors, is reviewing the financial status of the company to decide upon the strategy to further boost the stakeholders’ confidence,” the filing with the BSE said.
The company, which has appointed four nominee directors — Ravi Parthasarathy, Hari Sankaran, Arun Saha and K Ramchand — from the IL&FS Group on the board of Maytas Infra, had sought extension of two months for publication of the quarterly figures from CLB.
Pending review of the financial status, the statement said: “Finalisation of quarterly financial results is likely to take some time.”
IL&FS currently owns 37 per cent stake in Maytas Infra and has made an open offer for an additional 22 per cent.
CLB had also allowed Satyam Computer (now rebranded Mahindra Satyam) to finalise its accounts to June 30, 2010. Shares of Maytas Infra was up 5 per cent today hitting the upper circuit at Rs 171.35 on the BSE.