Home > business, india, politics > Govt to take over Raju family firm Maytas

Govt to take over Raju family firm Maytas

Originally posted on IBNLive

The Union Government will take over Maytas Infra and Maytas Properties, companies owned by the family of B Ramalinga Raju, the disgraced founder of Satyam Computers Ltd.

Company Affairs Minister P C Gupta announced on Tuesday the Government suspects Satyam-like scam in the infrastructure companies and would appoint new directors to the them.

The Government has moved the Company Law Board (CLB) to sack the boards of two Maytas firms owned by the Raju family, said Gupta. “We have approached the CLB to remove directors of Maytas Infra and Maytas Properties from their respective boards,”

Gupta said. The CLB will take up the matter on February 24.

Satyam, the country’s fourth-largest outsourcer, is battling for survival since January 7 when Raju quit as chairman revealing profits have been falsified for years and $1 billion of cash and bank balances did not exist in the country’s biggest corporate scandal.

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