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‘Maytas diverted funds to sister firm illegally’

Maytas Properties Ltd diverted funds to a company in which the promoters had key interests, the Govt told the Company Law Board. MPL is promoted by the family of B Ramalinga Raju, embroiled in the Satyam Computer Services scam.
Hindustan Times | By HT Correspondent, New Delhi
UPDATED ON FEB 24, 2009 09:11 PM IST

Maytas Properties Ltd (MPL) diverted funds to a company in which the promoters had key interests, the government on Tuesday told the Company Law Board. MPL is promoted by the family of B Ramalinga Raju, embroiled in the Satyam Computer Services scam.

The government said MPL used short-term funds for long-term projects, and that the company’s claim of a 6,000-acre landbank is not reflected in its balance sheet. Morover, while MPL has 151 subsidiaries, only 37 are shown in the balance sheet, it said. The CLB is set to pass an order soon. Itis to take up the hearing of Maytas Infra on Thursday.

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