State-owned MMTC has pulled out of a project with Maytas Infra. This project was signed for a special economic zone in Tamil Nadu amid speculations of government intervention in the management of the company.
The family of Satyams B. Ramalinga Raju controls Maytas Infra and Maytas Properties.
A senior MMTC official said, "In view of the recent developments related to Satyam Computer Services, the board of directors of MMTC at its meeting reconsidered the investment proposal and decided to withdraw MMTCs participation in the equity of the proposed special purpose vehicle being created by Maytas Group for setting up a multi-services SEZ."
Speculations are prevalent over the government same as in Satyam .It invokes the companies act to change the board of Maytas Infrastructure.
The company is dealing with some of the biggest infrastructure projects in the country and may have received money made out of Satyam.
The inspection team is held by the ministry of corporate affairs. This team is inspecting the accounts of eight companies associated with the Satyam group, including Maytas Properties and Maytas Infrastructure.
Hiranandani group firm Hirco reported that it had scrapped the sub-contract given to Maytas Infra for its Chennai township project to protect its reputation and financial interest.
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