The Hill County Home Owners' Welfare Association, a society of property buyers in Maytas Properties Limited (MPL), a group company of scam-hit Satyam Computers, has expressed anguish over the government failure to resolve the customers'/investors' problems.
They feel let down by the government on the ground that the director it had nominated had not found a solution, including finding a strategic partner, to carry on the project ever since the scam surfaced in January 2009.
The buyers who have made part payments want their money back while those who have made full payment demand completion of the housing units.
Talking to The Hindu here on Monday, Anil Kumar Katakam, spokesman of the Association, said the company had collected Rs. 632 crore from customers of which a sum of Rs. 220 crore was diverted to Satyam, as confirmed by government-appointed director Ved Jain. But, the government had failed to recover the amount even a year after the take over of Satyam as part of its bail-out, he contended.
He sought to know why the government had failed to resolve the issue so far when it had announced there was only cash flow problem in the company and there was no liquidity problem, as the company had about 6,000 acre land bank.
“We are left in the lurch completely in spite of assurances to protect customers' interests even by the Company Law Board”, Mr. Katakam added.
He said the Association wanted the present director to be replaced by a professional financial expert to help the project take-off afresh. He also requested the government to appoint a Technical Director on the MPL Board to monitor the project after it's re-take-off.
Keywords: Financial fraud