Ten major core deals of Maytas in trouble

NEW DELHI: At least 10 major infrastructure projects of Maytas Infrastructure, involving investments of several thousand crore, are in trouble.

The government has alleged that these projects would run into trouble due to financial constraints faced by the company, which has been in the eye of a storm ever since the Satyam scam erupted.

The government has informed the Company Law Board (CLB) that these projects would be stuck if swift action is not taken to stop ���mismanagement��� by the Maytas Infrastructure board.

The government, in a petition to CLB, has sought the removal of the directors on Maytas Infra board and charged them with mismanagement and wrong conduct. It, however, has not furnished any details on siphoning off of money from Satyam to Maytas. Nor has it made any reference to the ���nexus��� between the two companies.

Last month, the government expanded the serious fraud investigation office probe into Satyam by covering Maytas Infrastructure and Maytas Properties.

The minister for corporate affairs, PC Gupta, had said that it was necessary to obtain information, records, books and papers from the two companies to uncover the facts relating to the Satyam scam.

���We���ve furnished only those details which are required for dissolving the board. The investigations by various agencies are on, and we���ll submit more details as and when required,��� said a senior MCA official who did not wish to be identified.