Maytas Properties to induct four IL&FS directors

Following Company Law Board's (CLB) nod to IL&FS to take over Maytas Properties, the new board of Maytas Properties will soon induct four new directors from IL&FS and chalk out road map for the company, a top official said today.

"We will have a board meeting in a day or two to induct four directors and the board will also discuss the road map for the company. We will have more clarity on the future plans after the meeting," IL&FS Joint Managing Director Arun Saha told PTI.

The CLB on Thursday allowed infrastructure finance company IL&FS to take over Maytas Properties, a company promoted by the family members of disgraced Satyam founder Ramalinga Raju.

The CLB further said that the existing directors of Maytas Properties -- Rama Raju, D Gopal Krishnana Raju and D Venkata Satya Raju -- would resign immediately on induction of IL&FS group as the strategic investor in Maytas Properties.

The customer who invested in various ventures of Maytas Properties may see a ray of hope as Hill Country, the premium residential project of Maytas Properties in Hyderabad is likely to be taken up on priority basis by the new promoters.

According to information, customers have so far paid about Rs 600 crore towards the purchase of residential properties at Hill Country, of which, Rs 220 crore was reportedly diverted to Satyam.

The Hill County project came to a grinding halt after the Satyam Computers scam broke in January 2009.

According to CLB order, IL&FS will be required to hold at least 40 per cent of the firm's equity and keep its management control for the next three years.

IL&FS had also taken over the other distressed Raju company -- Maytas Infrastructure, which has been recently renamed as IL&FS Engineering and Construction Company.