IL&FS Formally Takes Over Maytas Infra
From a state of panic driven contract cancellations, severe paralysis of operations due to liquidity crunch and low confidence of investors & stake holders, the initiatives and actions undertaken by the Government nominated Board over the period have helped the Company restore its credibility and ensure business continuity.
The Government Directors have also been successful in bringing in IL&FS as its new promoters, and ensuring a smooth transition. The transition process as per the SEBI guidelines has been completed and effective 29th September 2009, IL&FS are the new promoters of Maytas Infra Ltd. This will not only help improve the operations but also facilitate growth of Maytas Infra through winning new projects in the market place.
Pursuant to the order of CLB, the government of India has recalled two of its nominees from the Board of Maytas Infra, and effective 29th September 2009, Mr. Ravi Parthsarathy, Chairman, IL&FS has been appointed as the Chairman of Maytas Infra.
On the occasion of the transition & induction of IL&FS nominees on the Board of Maytas Infra, Dr K. Ramalingam, past Chairman, says “It has been a great opportunity to revive one of the leading infrastructure companies in India. I would like to thank IL&FS Management who willingly came forward and took Management control of Maytas Infra. This only affirms our continued belief that Maytas Infra is a great organization with lot of promise and potential. I would like to compliment my colleagues in the Board who have worked tirelessly in the task bestowed upon us by the Government of India. I am confident Maytas Infra will play a significant role in building world-class infrastructure in India and worldwide. My colleagues in the Board join me in thanking Mr. Teja Raju for his complete co-operation and commitment in the revival of Maytas Infra. My message will be incomplete without thanking and wishing all Associates of Maytas Infra including leadership team whose selfless contribution and unstinted commitment has helped the Board Members in winning the confidence of stakeholders and making the revival a possibility.”
Maytas Infra would like to place on record the invaluable contributions and leadership provided by Dr K. Ramalingam, Mr. OP Vaish and Mr. Teja Raju. Maytas Infra will continue to look forward to their guidance and wishes them great success in their future endeavors.