Maytas Properties: IL&FS, SRS Orion in talks to resolve issues

NEW DELHI: IL&FS, the financial institution that controls Maytas Properties, is in talks with SRS Orion, an investor in the scam-hit realty company to resolve the differences between them.

Mauritius-based SRS is seeking conversion of its Compulsory Convertible Debentures (CCD) in Maytas Properties (MPL) into shares and appointment of its directors on the board of the real estate company.

SRS Orion has invested around Rs 600 crores in MPL. It had questioned MPL's revival plan in which 80 per cent of the company's shares were transferred to IL&FS for just Rs 20 lakh.

Under the revival plan, the government controlled board of MPL transferred the shares to IL&FS.

The matter is pending before the Company Law Board (CLB) where it was adjourned today to April 24 on the request of parties.

Counsel appearing for the parties said that settlement talks among the parties concerned are going on.

If the settlement fails then the board would start its final hearing in the matter, said a counsel associated with one of the parties.