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| Mauritius firm slaps Rs 806 cr demand on Maytas Properties |
| Press Trust of India / New Delhi Feb 25, 2009, 17:12 IST |
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Mauritius-based investment firm SRS Orion Investment has demanded Rs 806 crore from the troubled Maytas Properties, a company promoted by the kin of Satyam Computer founder B Ramalinga Raju.
SRS Orion, which has reportedly invested Rs 600 crore in Maytas Properties, has already issued a public notice demanding Rs 806 crore by March 19, 2009, the former said in the petition filed before the Company Law Board (CLB).
The company, which had invested huge funds in Maytas Properties, has urged the CLB that it should be made a party in the case relating to replacing the board of Maytas Properties with government nominees.
The investment firm in its petition has also sought converting its Compulsory Convertible Debentures (CCD) held in Maytas Properties into shares and to appoint directors on the board of the real estate company.
The investment firm further alleged in its petition that despite having substantial investment in Maytas Properties, the latter's directors kept it in dark over the decision of Ramalinga Raju about taking over Maytas Properties.
"On December 16, 2008, the applicant was shocked to learn that without their approval, Ramalinga Raju made a public announcement that Satyam plans to acquire 100 per cent share," it said, adding it was a breach of the investment agreement with Maytas Properties.
The firm had also written to B Ramalinga Raju and his sons Teja Raju and Rama Raju, "placing on record that the Satyam offer is subject to prior consent of SRS Orion".
After the incident, the firm initiated an inquiry and questioned the Maytas Properties management, along with the firm's subsidiaries, and "found more shocking breaches" of the investment agreement.
The firm further submitted that it is in the process of initiating "appropriate legal proceedings" against Maytas Properties and other members of the Maytas group.
Requesting the CLB to make SRS Orion a party in the ongoing dispute, the firm submitted that the government in its petition to take over Maytas Properties board has mentioned an unsecured debt of Rs 600 crore.
The debt, the petition said, relates to investment made by SRS Orion in the form of CCD.
Seeking nomination on the board of Maytas Properties, the firm said "applicants are willing to cooperate with the Union of India". It also prayed that after the sale of assets of the real estate company, the amount due to it should be paid.
The investment firm further alleged in its petition that despite having substantial investment in Maytas Properties, the latter's directors kept it in dark over the decision of Ramalinga Raju about taking over Maytas Properties.
"On December 16, 2008, the applicant was shocked to learn that without their approval, Ramalinga Raju made a public announcement that Satyam plans to acquire 100 per cent share," it said, adding it was a breach of the investment agreement with Maytas Properties.
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