Govt not to dissolve boards of Maytas firms

The government today said that it will not dissolve the boards of Maytas Infra and Maytas Properties, the companies whose acquisition deal by Satyam Computer for $1.6 billion was aborted following shareholders' outcry.

"The government will not dissolve boards of Maytas Infra and Maytas Properties...Let the inspection be complete," Corporate Affairs Minister Prem Chand Gupta told reporters. The government has already ordered inspection by Registrar of Companies (RoC), Hyderabad, into eight subsidiaries of Satyam Computer and Maytas Infra and Maytas Properties, the companies promoted by the kin of disgraced Satyam founder B Ramalinga Raju.

Satyam Computer had announced acquiring the two companies for $1.6 billion but the deal could not go through because of strong protest from shareholders.

While Maytas Infra is engaged in development of projects like roads, expressways and highways, the other company is mainly into real estate.