Mauritius firm wants Rs806 crore from Maytas

Mauritius firm wants Rs806 crore from Maytas
PTI
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First Published: Wed, Feb 25 2009. 03 06 PM IST
Updated: Wed, Feb 25 2009. 03 06 PM IST
New Delhi: Mauritius-based investment firm SRS Orion Investment has demanded Rs806 crore from the troubled Maytas Properties, a company promoted by the kin of Satyam Computer founder B Ramalinga Raju.
SRS Orion, which has reportedly invested Rs600 crore in Maytas Properties, has already issued a public notice demanding Rs806 crore by 19 March 2009, the former said in the petition filed before the Company Law Board (CLB).
The company, which had invested huge funds in Maytas Properties, has urged the CLB that it should be made a party in the case relating to replacing the board of Maytas Properties with government nominees.
The investment firm in its petition has also sought converting its Compulsory Convertible Debentures (CCD) held in Maytas Properties into shares and to appoint directors on the board of the real estate company.
The investment firm further alleged in its petition that despite having substantial investment in Maytas Properties, the latter’s directors kept it in dark over the decision of Ramalinga Raju about taking over Maytas Properties.
“On 16 December 2008, the applicant was shocked to learn that without their approval, Ramalinga Raju made a public announcement that Satyam plans to acquire 100% share,” it said, adding it was a breach of the investment agreement with Maytas Properties.
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First Published: Wed, Feb 25 2009. 03 06 PM IST