The feud between Maytas Infra Ltd and Satyam Computer Services Ltd — two companies founded by disgraced Ramalinga Raju — over the Maytas money that its founder claimed to have lent to the IT firm does not seem to ending. Even as Satyam denies receipt of any money from Maytas, the Hyderabad-based infra firm has raised money from lenders in the Corporate Debt Restructure (CDR) package by hypothecating the money, which it claims, was lent to Satyam.
“The company has agreed to hypothecate Inter Corporate Deposits aggregating to Rs 391.64 crore (including Rs 323.78 crore supposedly lent to Satyam) and interest receivable thereon in favour of the lenders,” Maytas Infra said in a filing to the Bombay Stock Exchange.
Maytas further says that it is “confident of recovering the inter-corporate deposits together with interest due thereon.”
Mahindra Satyam, however, has always maintained that the claim is untenable. Officials of the IT firm were not available to comment on the new development.
Apart from this, Maytas has also transferred its all its BOT projects worth Rs 575 crore to a newly formed trust — Maytas Investment Trust — for restructuring its debt. The trust in turn has passed on the interest in the projects to the lenders, who have agreed for the CDR package.
The company has reached a one-time settlement with six banks for Rs 400 crore. The banks have taken a 50 per cent cut on the principal amount outstanding on January 1, 2009. The lenders who reportedly opted for this one-time settlement, are Axis Bank, HDFC Bank, ING Vysya Bank, Yes Bank, HSBC and BNP Paribas.
Problems rooted in the past apart, Maytas is bullish on its future following its strategic alliance with Saudi Binladin Group (SBG).
The company is setting up a construction joint venture in Jeddah in partnership with SBG to cash in the opportunities in Saudi Arabia and the Middle Eastern countries. Maytas will have a majority 55 per cent stake in the joint venture firm.
The Saudi Binladin Group, recently bought 20 per cent stake in Maytas and made a joint open offer along with IL&FS for acquiring 20 per cent from the public.
***
Maytas cuts ’10 loss to Rs 238cr
age Correspondent
Hyderabad
June 29: Maytas Infra on Tuesday said it has posted a net loss of Rs 251.86 crore for the fiscal 2010 as against Rs 473.54 crore loss in the fiscal 2009.
Income from operations for the period stood at Rs 1,099 crore, down 33.2 per cent from a year ago. Its net expenditure too fell by 35 per cent from the previous year to Rs 1,267 crore in 2009-10.
It had posted a net loss of Rs 528.79 crore for the quarter ended September 2009. The company had a net profit of Rs 16.84 crore in the year ago period, it said in a filing to the Bombay Stock Exchange.
The company announced financial results for the quarters ended September, 2009, December, 2009 and year ended March 31, 2010, up to June 30, 2010 on Tueday meeting the Company Law Board’s June 30 deadline.