Maytas’ lenders willing to restructure debt: director biz corporate | business | Hindustan Times
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Maytas’ lenders willing to restructure debt: director biz corporate

business Updated: Mar 19, 2009 23:38 IST
Ashok Das

The new board of Maytas Infra, which has two government-appointed directors, Ved Jain and OP Vaish, is working towards finalising the third-quarter earnings of the company as soon as possible.

The board met on Thursday at Hyderabad, the first time since the Ministry of Company affairs intervened to put its nominees on the board, to take stock of the current state of affairs.

Jain and Vaish told a press conference that banks were cooperating in the debt restructuring of the company. Vaish said he hoped the company would finalise agreement with the lenders by March 25, when a meeting is scheduled.

"If there's been any erosion of confidence, we hope to restore that,” Jain said. Replying to persistent queries he said “we had our first meeting today. A presentation was made by the company about the state of affairs.We have asked them certain clarifications.they are expected to come back to us in next two to three days."

A meeting of the stakeholders of both Maytas Infra and Maytas properties would take place before the next board meeting.

The board announced that it would call a meeting with all flat owners on March 23. It added that the company would talk to all vendors and stakeholders and would have informal talks with shareholders before the next board meet.

On the ongoing investigations against the company in relation with the Satyam scam, the board said, “Our appointment has nothing to do with the investigations. Investigation is not our subject matter. We are government nominees to ensure the smooth functioning of the company."