Maytas Infra CEO P K Madhav resigns

Maytas Infrastructure Chief Executive Officer (CEO) P K Madhav has resigned from the company, according to the information available on the Bomaby Stock Exchange.

"P K Madhav, the whole-time director and chief executive officer of Maytas Infra, tendered his resignation from directorship as well as CEO of the company owing to personal reasons," Maytas said in a filing to BSE.

Maytas Infra, promoted the family of disgraced Satyam founder B Ramalinga Raju, has been hitting headlines ever since the IT firm announced a deal to acquire the company, which was later called off following investors' strong opposition.

Earlier this month, Maytas Infra's Non-executive Director and Chairman R C Sinha had resigned from the company.

Maytas Infra's board of directors include R P Raju (independent director), B Teja Raju (vice-chairman) and Chander Sheel Bansal (whole-time director).

According to Maytas Infra's shareholding pattern as on September 2008, Ramalinga Raju's son Teja Raju holds 2.53 per cent stake, while the entire promoter group, which includes other members of the Raju family, controls over 36 per cent in the company.