Maytas Infra Ltd has made Vimal Kaushik its managing director and chief executive officer.
The company, promoted by the kin of Satyam’s now-disgraced founder, Ramalinga Raju, had gone into crisis after the latter confessed to fraudulent inflation there of the balance sheet. Maytas hasn’t had a chief executive officer after interim CEO Teja Raju, son of Ramalinga Raju, quit. The operations were manned by presidents that the company appointed.
Kaushik is an electrical engineer and last worked at Punj Lloyd as managing director. He was with the company for almost four decades and handled the verticals of pipelines, tankages and turnkey oil and gas mega projects.
Maytas suffered collateral damage for being a company run by the family of Satyam’s founder. Since last year, it has been on a roller-coaster ride and lost many projects, including the prestigious Rs 12,132-crore Hyderabad Metro Rail Project. Several staff quit the organisation. Projects halted, as there was no cash flow.
In September, IL&FS was inducted as the principal promoter of Maytas Infra, replacing the Rajus, who still hold about 23 per cent in the company.
The Company Law Board has allowed it to report accounts for the quarters ending September 2009.