01-16-2009, 03:11 AM
<!--QuoteBegin-->QUOTE<!--QuoteEBegin--><b>Why no action against Maytas?</b>
Pioneer News Service | New Delhi/Hyderabad
<b>Companies can divert âSatyam fundsâ</b>
More than a week after the Satyam scam broke out, the authorities have not bothered so far to launch any crackdown against Maytas Infra and Maytas Properties, which are controlled by ex-Satyam chairman Ramalinga Rajuâs two sons.
The inaction of the authorities is glaring because of the uproar that the two companies were favoured by the Andhra Pradesh Government and awarded huge contracts worth thousands of crores.
<b>Even though Andhra Chief Minister YSR Reddy has said his Government would review projects allotted to Maytas Infra and Maytas Properties but nothing has been done to stop the two companies to divert âSatyamâ funds that may have been put into their coffers by Ramalinga Raju. </b>
There have been no reports of any raid on Maytas Infra offices to seize any incriminating papers that could have possibly thrown light on the Satyam scam and financial dealings of the two companies.
Eyebrows have been raised over reports that Maytas Infra, whose shares hit the lower circuits for the sixth day in a row on Thursday, is likely to sell its stakes in projects worth thousands of crores to two Hyderabad firms.
The inability of Maytas Infra to raise funds following the Satyam scandal may be a possible reason for selling its stakes in the two projects. But it is feared that without verifying the accounts of Satyam and Maytas, the latter should not be allowed to dispose of any assets or projects. With orders of over Rs 13,000 crore, Maytas Infra badly needs around Rs 1,200 crore in working capital, but few banks or institutional investors are willing to do any business with any firm owned by Rajuâs family.
âIt is not the question of only Satyam fraud, there are larger issues involving how Maytas Infra acquired land and projects. Unless a probe is carried out to unearth the truth, Maytas should not be allowed to sell assets or stakes,â a chartered accountant commented<!--QuoteEnd--><!--QuoteEEnd-->
These politicans will steal money before it will go down.
Shame on you YSR and Moron Singh.
Pioneer News Service | New Delhi/Hyderabad
<b>Companies can divert âSatyam fundsâ</b>
More than a week after the Satyam scam broke out, the authorities have not bothered so far to launch any crackdown against Maytas Infra and Maytas Properties, which are controlled by ex-Satyam chairman Ramalinga Rajuâs two sons.
The inaction of the authorities is glaring because of the uproar that the two companies were favoured by the Andhra Pradesh Government and awarded huge contracts worth thousands of crores.
<b>Even though Andhra Chief Minister YSR Reddy has said his Government would review projects allotted to Maytas Infra and Maytas Properties but nothing has been done to stop the two companies to divert âSatyamâ funds that may have been put into their coffers by Ramalinga Raju. </b>
There have been no reports of any raid on Maytas Infra offices to seize any incriminating papers that could have possibly thrown light on the Satyam scam and financial dealings of the two companies.
Eyebrows have been raised over reports that Maytas Infra, whose shares hit the lower circuits for the sixth day in a row on Thursday, is likely to sell its stakes in projects worth thousands of crores to two Hyderabad firms.
The inability of Maytas Infra to raise funds following the Satyam scandal may be a possible reason for selling its stakes in the two projects. But it is feared that without verifying the accounts of Satyam and Maytas, the latter should not be allowed to dispose of any assets or projects. With orders of over Rs 13,000 crore, Maytas Infra badly needs around Rs 1,200 crore in working capital, but few banks or institutional investors are willing to do any business with any firm owned by Rajuâs family.
âIt is not the question of only Satyam fraud, there are larger issues involving how Maytas Infra acquired land and projects. Unless a probe is carried out to unearth the truth, Maytas should not be allowed to sell assets or stakes,â a chartered accountant commented<!--QuoteEnd--><!--QuoteEEnd-->
These politicans will steal money before it will go down.
Shame on you YSR and Moron Singh.