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Maytas too may collapse post Satyam scam
After Satyam, curtains will also likely to fall for Maytas Infra. Raju family has pledged majority of its shareholding and real estate assets of Maytas Infra as collateral to various financial institutions
After Satyam , curtains will also likely to fall for Maytas Infra . Raju family has pledged majority of its shareholding and real estate assets of Maytas Infra as collateral to various financial institutions.
The promoter family holds 36.64% of shares.But the family reportedly holds about 80% of shares through affiliates and 60% of total shares are pledged.
The shares are reportedly pledged with Sicon, IFCI and IL&FS.
IFCI disbursed Rs.100 crore about an year ago.
Partners in cosortiums led by Maytas may start backing out.
Government-owned MMTC has already decided to cancel its joint venture for Rs.8,603 Special Economic Zone in Tamil Nadu.
Nagarjuna Construction, partner in many BOT and other projectss, may announce of severing ties with Maytas latest by Monday.
With banks showing concerns on giving loans to Maytas, over a dozen projects may slip from Maytas
It is all set to lose Rs.12,200 crore Hyderabad Metro Rail project
With elections round the corner, YSR can order for cancellation of MoU and go for fresh bidding.
Maytas may also be thrown out of 1700 crore Machilipatnam port project.
Besides six irrigation projects in Andhra, 170 crore Godavari water supply project my also be hit.
With BJP being in power in Karnataka, it may review projects sanctioned to Maytas.
Karnataka projects include -- Shimoga and Gulbarga airports of Rs. 110 crore each, Elevated expressway at Bangalore-Hosur section (110 cr), KPTCL sub-stations (67 cr), Bangalore Metro Rail (some works -- 42 cr)
Satyam & Maytas have six notified SEZs and they face the risk of getting de-notified or cancelled.
