SFIO probing Maytas account books
Maytas said the investigation would delay its quarterly results that were due by January 31. How to avoid a Satyam in your portfolio | Top Accounting scandals
By ET Bureau & Agencies |
MUMBAI: Cconstruction firm Maytas Infra Ltd said on Thursday its account books were being probed by the country's Serious Fraud Investigation Office.
The company, promoted by the founders of fraud-hit Satyam Computer Services, said the investigation would delay its quarterly results that were due by Jan. 31.
The grip of the Raju family on Maytas Infra loosened substantially after nearly a quarter of the company shareholding, pledged by the promoters to institutional lenders, was forfeited due to non-payment of margin calls.
Maytas Infra informed the stock exchanges on Wednesday that IFCI acquired 17.42% and the Maharashtra government-run Sicom bought an additional 6.97% in the company after invoking a share pledge.
The infrastructure company is run by Teja Raju, the elder son of Satyam founder B Ramalinga Raju. On January 7, the family patriarch admitted to fabricating the Satyam accounts in a fraud estimated at more than Rs 7,000 crore.
After the invocation of the pledge, the shareholding of B Rama Raju, the brother of Mr Ramalinga Raju, fell by 2.69% to 6.05%. The lenders also acquired 8.5% of the holdings pledged by Fincity Investments, reducing its control to 0.42%, and the entire 8.92% pledged by Elem Investments.
The sale of pledged Maytas shares is a re-run of the Satyam case, when lenders sold shares pledged by SRSR Holdings, an investment arm of the Raju family.
The company, promoted by the founders of fraud-hit Satyam Computer Services, said the investigation would delay its quarterly results that were due by Jan. 31.
The grip of the Raju family on Maytas Infra loosened substantially after nearly a quarter of the company shareholding, pledged by the promoters to institutional lenders, was forfeited due to non-payment of margin calls.
Maytas Infra informed the stock exchanges on Wednesday that IFCI acquired 17.42% and the Maharashtra government-run Sicom bought an additional 6.97% in the company after invoking a share pledge.
The infrastructure company is run by Teja Raju, the elder son of Satyam founder B Ramalinga Raju. On January 7, the family patriarch admitted to fabricating the Satyam accounts in a fraud estimated at more than Rs 7,000 crore.
After the invocation of the pledge, the shareholding of B Rama Raju, the brother of Mr Ramalinga Raju, fell by 2.69% to 6.05%. The lenders also acquired 8.5% of the holdings pledged by Fincity Investments, reducing its control to 0.42%, and the entire 8.92% pledged by Elem Investments.
The sale of pledged Maytas shares is a re-run of the Satyam case, when lenders sold shares pledged by SRSR Holdings, an investment arm of the Raju family.
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