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Maytas Infra projects come under RoC scanner

Maytas Infra projects come under RoC scanner
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First Published: Thu, Jul 09 2009. 10 39 PM IST
Updated: Thu, Jul 09 2009. 10 39 PM IST
New Delhi: The Registrar of Companies (RoC) has claimed that Maytas Infra Ltd colluded with three firms to secure contracts for various projects by misrepresenting equity participation.
These companies are Nagarjuna Construction Co. Ltd (NCC), Gaytari Projects Ltd and SREI Infrastructure Ltd.
The companies jointly formed special purpose vehicles (SPVs) to bid and win several projects from different state governments between 2004 and 2008. These include the Himachal Sorang power project awarded by Himachal Pradesh in 2004, the Puducherry-Tindivanam toll road project awarded by Tamil Nadu in 2007and the Machilipatnam port project awarded by Andhra Pradesh in 2008.
The RoC has alleged that Gayatri Projects was a part of the SPV for the Puducherry project, SREI Infrastructure participated in the Machilipatnam project and NCC was a part of the SPVs for all the three projects.
RoC, which oversees registered companies in India, has alleged that a substantial shareholding was transferred to NCC Infrastructure Holdings Co. Ltd, which was in violation of concession agreements made with various state governments. The report, said people familiar with the matter, also goes on to indicate that this was a serious issue of mismanagement and an attempt to mislead the authorities to win contracts for the projects. The people declined to be named.
NCC refuted the charges and said that equity participation in all the projects was according to the agreements. Gayatri Projects denied participation in the SPV. SREI Infrastructure could not be reached for comment.
cnbctv18@livemint.com
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First Published: Thu, Jul 09 2009. 10 39 PM IST