Click to play videoNew Delhi: It's name is the mirror image of Satyam and now it emerges that Maytas may have mirrored the fraud of its parent as well. The Government is now suspecting that money was siphoned from Satyam into Maytas.
The Government has now moved the Company Law Board, seeking to take over both Maytas infrastructure and Maytas properties.
Corporate Affairs Minister, P C Gupta says, "Strong evidence against Maytas has been found by investigation."
Experts say the move is in the right diection.
Former SEBI official, Sandeep Parekh says, "I think it is an obvious thing to do to redraw the board of directors for the company."
The two Maytas companies are currently executing several large projects, the flagship one being the Hyderabad metro rail project. Maytas Properties is constructing several residential projects in Andhra Pradesh. All these could get hit or get delayed as investigations continue.
The Government had extended the Serious Fraud Investigation Office probe from Satyam to Maytas Infra and Maytas Properties suspecting a fraud in the company's dealings. The Company Law Board will hear Government's plea on February 24.
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