Maytas Infrastructure, controlled by the family of arrested Satyam Computer Chairman Ramalinga Raju, said its biggest shareholders were forced to transfer their shares to finance companies to cover loans.
Raju’s family and related companies offloaded a combined 20 per cent stake in Hyderabad-based Maytas, according to a filing by the company to BSE today. The transfers were “a result of invocation of pledge,” it said.
Maytas Infra’s stock has fallen by the daily limit for two weeks since Raju admitted on January 7 he’d fabricated $1 billion in assets at Satyam. India’s capital markets regulator said today corporate founders will be forced to disclose pledged shares to protect investors in the wake of the Satyam scandal. B Rama Raju, Elem Investments and Fincity Investments transferred shares to IFCI and Sicom, according to two separate filings.
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