MCA open to strategic sale of Maytas Infra

Ministry of Corporate Affairs (MCA) Minister Salman Khurshid today said the government will consider strategic sale of Maytas Infra if the company board decides to do so.     

"It is up to the board to decide (whether they need any strategic investor)... If they come to us we will consider it," Khurshid told reporters here.     

He added, "...What has happened in the past is what we are examining ...So any proposal that we are making is based on the present account that is available to us."     

When contacted, Maytas Infra said they have not approached MCA for any kind of strategic sale. "Right now, our focus is to execute the projects on  Hand," the company said.     

The Ministry has received the final inspection report of the Registrar of Companies (RoC) which found misappropriation of accounts, siphoning of funds and unaccounted money in Maytas Infra.     

Khurshid said, "We are in touch with government  directors... The report will be put up to me in a week."   

However, on superseding Maytas board completely, Khurshid said that it would be premature to comment on this without going through the RoC report.     

Maytas Infra, promoted by the kin of disgraced Satyam founder B Ramalinga Raju, landed into troubles after the announcement of its proposed merger with Satyam Computer.     

The government had appointed four directors — former chairman of Airports Authority of India, K Ramalingam as Chairman, former president of Assocham Anil K Agarwal, tax lawyer O P Vaish and former president of institute of chartered accountants of India Ved Jain — on the board of Maytas Infra following an order by the Company Law Board.

The board also restructured the company management by appointing two presidents — C S Bansal and Rajendra Nimje — who are spearheading the company.