Maytas Properties to induct four IL&FS directors

Hyderabad, Jan 17 (PTI)Following CLB''s nod to IL&FS totake over Maytas Properties, the new board of MaytasProperties will soon induct four new directors from IL&FS andchalk out road map for the company, a top official said today.

"We will have a board meeting in a day or two to inductfour directors and the board will also discuss the road mapfor the company. We will have more clarity on the future plansafter the meeting," Aurn Saha, joint managing director, IL&FStold PTI.

The Company Law Board (CLB) on Thursday allowedinfrastructure finance company IL&FS to take over MaytasProperties, a company promoted by the family members ofdisgraced Satyam founder Ramalinga Raju.

The CLB further said that the existing directors ofMaytas Properties � Rama Raju, D Gopal Krishnana Raju and DVenkata Satya Raju � would resign immediately on induction ofIL&FS group as the strategic investor in Maytas Properties.

The customer who invested in various ventures ofMaytas Properties may see some light at the end of the tunnelas Hill Country, the premium residential project of MaytasProperties in Hyderabad is likely to be taken up on prioritybasis by the new promoters.

According to information, customers have so far paidabout Rs 600 crore towards the purchase of residentialproperties at Hill Country. Of this, Rs 220 crore wasreportedly diverted to Satyam. The Hill County project came toa grinding halt after the Satyam Computers scam broke inJanuary 2009.

According to CLB order, IL&FS will be required to holdat least 40 per cent of the firm�s equity and keep itsmanagement control for the next three years.

IL&FS had also taken over the other distressed Rajucompany � Maytas Infrastructure, which has been recentlyrenamed as IL&FS Engineering and Construction Company Ltd.