MCA recommends allotment of projects to Maytas Infra

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MCA recommends allotment of projects to Maytas Infra

The Ministry of Corporate Affairs (MCA) is worried about the health of Maytas Infra. CNBC-TV18 learns that Corporate Affairs Secretary recommended giving various project to the company.

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The Ministry of Corporate Affairs (MCA) is worried about the health of Maytas Infra . CNBC-TV18 learns that Corporate Affairs Secretary recommended giving various project to the company.

Here is a verbatim transcript of Pranshu Sikka's comments on CNBC-TV18. Also watch the accompanying video.

It is learnt from sources that the MCA is really worried about the health of Maytas Infra. The Secretary for Corporate Affairs has written to the Power Secretary and recommended giving various rural electrification projects to Maytas Infra. He has recommended at least allotment of three rural electrification projects-two out of which, sources say, are the Jaipur Rural Electrification Project and the Midnapur Rural Electrification Project.

This has huge ramifications.

There was a project-the Gulbarga Airport Project, which Maytas Infra had retained earlier this month. Now, it is learnt that that was also on the count of the Corporate Affairs Secretary writing to the Chief Secretary of Karnataka recommending them to retain Maytas Infra for the project. The Karnataka Government had earlier decided to take Maytas Infra off the project but later on the secretary's recommendation decided to retain the company.

So the larger question which is emerging here is-firstly, since there is government representation on the board, is this the last ditch effort from the government to save the company and secondly, since this is a bid where there are other competitors bidding for the project-how much of the recommendation of secretary comes into the play when the bids are awarded.