Maytas Properties, a real estate firm promoted by the family of the disgraced founder of Satyam Computer Services B Ramalinga Raju, may find it tough to complete its prestigious Special Economic Zone project , Maytas Hill County.
Construction at the site has come to a halt as the company has failed to pay outstanding dues so far to the contractor Nagarjuna Construction Company . The firm’s plan to bring Satyam as its anchor client at the SEZ has also run into trouble after the brazen financial fraud at the software firm.
“We have an agreement with Maytas Properties for executing building project worth Rs 184 crore. The building was mainly for housing Satyam as Maytas was planning to showcase the IT company as its anchor client. We have completed works worth Rs 104 crore, of which Maytas is yet to pay back Rs 26 crore to us,” said a NCC official.
More : economictimes.indiatimes.com
Send an E-Mail for India Property Enquiry!
Related News from India Properties
E&Y valued Maytas Properties, PwC approved accounts
Ernst and Young (E&Y) did the valuation of Maytas Properties and a Delhi law firm Luthra and Luthra the title diligence of the real estate companys assets, records of the controversial Board meeting at which Satyam Computer Services was allowed to buy two firms linked to its disgraced promoter B Ramalinga Raju show. E&Y, which is also the internal auditor for Satyam, has all along denied doing any work for Satyam related to the failed acquisitions and its representative has said it had no connection of any kind with the transaction. The Satyam board, at its meeting on December 16,
Satyam’s valuation of Maytas a mystery
Satyams valuation of unlisted Maytas Properties is turning out to be a whodunit. The big four audit firms have denied any role in the generous valuation of the private company owned by the Raju family. Satyams abortive attempt last week to acquire Maytas has turned into a blazing corporate governance controversy. Satyam had said that one of the big four audit firms was the advisor to the board. And, based on this report, the board had proceeded with the acquisition of privately-owned real estate company of the Rajus for $1.3 billion (about Rs 6,240 crore). In an email to ET,
Property in hill stations on a uphill
At a time when sales in most real estate markets are seeing a downward trend, there is one segment that could start moving uphill, literally. In a bid to escape the stress and hectic schedules, many feel that homes in hill stations and foothills such as Rishikesh, Mussoorie, Almora, Shimla, Ooty, Kodaikanal, Haridwar and Dehradun will be an ideal buy in the present scenario. Desiring a break from slowdown blues is, in fact, making many of these locations a better proposition. The only thing, however, that a buyer needs to keep in mind is to check if buying property is
Satyam case: Maytas looks to raise $500 mn
Maytas Properties, a firm linked to Satyam Computer Services chairman S Ramalinga Rajus family, is looking at raising funds through several of its real estate-related ventures after a potential $1.3-bn sale to Satyam was called off, following investor backlash. Maytas fund-raising exercise would see the property firm bring in equity partners in some of its ambitious projects or sell some of its assets spread across most southern states. The firm has approached consulting firms and bankers to chart out a $500-mn (about Rs 2,350-crore) fund-raising plan through divestments in key identified assets, according to people familiar with the development. More :
The Land challenge
Tata Motors runs into trouble in Singur, West Bengal over land pattas. • Posco, the Swedish steel major, faces farmer agitation and trouble in acquiring land for its steel plant. • Airport authority of India meets trouble when trying to acquire land for airstrip in dense Mumbai and Delhi areas delaying the construction of airports. • National Highway Authority of India (NHAI)s National Highway Development Plan (NHDP) runs into trouble with delays in acquiring land for construction. Pushes up end costs. • Reliance SEZ in Jamnagar has farmers suing it for misuse of land. • Governments acquisition of land for