Maytas Infra Ltd (MIL), which suffered a business setback following the financial fraud in Satyam Computers in January 2009, reported a consolidated loss of Rs. 252 crore for the year ended March 31, 2010, as against Rs. 474 crore in the preceding year.
Maytas Infra is promoted by the family members of B. Ramalinga Raju, founder of Satyam Computers.
The consolidated income of the company in the year ended March 2010 was Rs. 1,099 crore as against Rs. 1,644 crore in 2008-09.
The new promoters of the company, Infrastructure Leasing & Financial Services Ltd (IL&FS), was granted time up to June 30 by the Company Law Board for finalising accounts.
It took over the Maytas management in September 2009.
The company has made a claim of Rs. 323 crore given to Mahindra Satyam as inter-corporate deposit (ICD) and expressed confidence of recovering it with interest. In a bid to revitalise the company, MIL recently decided to induct Saudi Binladin Group (SBG) as a co-promoter of the company and clinched a restructured corporate debt restructuring (CDR) package which would bring down the company's overall debt burden. For debt restructuring, the company set up Maytas Investment Trust and transferred its investments in diverse BOT (build, operate, transfer) projects at fair value aggregating Rs. 575 crore and also transferred equivalent amount of bank liabilities to the Trust.
The company has convened an extraordinary general meeting of the shareholders on July 19 to approve the preferential issue of equity shares to SBL group among others. The IL&FS and SBG launched an open offer to acquire an additional 20 per cent of the paid-up capital of the company in accordance with Securities and Exchange Board of India (SEBI) guidelines.
The company, in a statement, said that it was setting up a construction joint venture in Jeddah in partnership with SBG with 55 per cent holding of paid-up equity capital and hoped to undertake projects in Saudi Arabia and other Middle Eastern countries.