To sign new corporate debt restructuring package
Maytas Infra has expressed hopes that Mahindra Satyam would reflect its liability of Rs.323 crore, transferred as inter-corporate deposits (ICDs), when the firm declares its results on September 29 after restatement of accounts.
“We have evidence to prove that Rs.323 crore out of the over Rs.390 crore transferred as ICDs by Maytas actually went to Satyam Computers before the scam broke out. We have accordingly represented to the Corporate Affairs Ministry and the Company Law Board to direct Mahindra Satyam’s management to reflect this in their accounts,” Maytas Infra and IL&FS Chairman Ravi Parthasarathy said.
Speaking to reporters on the sidelines of the Maytas annual meeting here on Thursday, he said the firm was confident of securing the funds as evidence showed that the money flowed in to Satyam as it had to reflect somewhere as revenue, capital of gift. “It has to be debt if it does not figure in the other three,” he said.
Maytas Infra, he said, would sign a new corporate debt restructuring package later this month that was aimed at bringing down the burden on the firm from Rs.2,000 crore to Rs.850 crore. The company firmed up deal with two banks and the new CDR would have seven per cent interest with a step-up facility.
Government nominated director on the board of Maytas Properties Ved Jain said efforts were underway to resolve the issues pertaining to the company.
“Something is expected to come out within a month,” he said without elaborating on the issue further.