Maytas director C.S. Bansal quits

C.S. Bansal Friday resigned as director of Maytas Infra Limited, the firm promoted by disgraced founder and former chairman of Satyam Computer Services B. Ramalinga Raju and his family.

Maytas Infra, at a board meeting here Friday, reviewed the developments in the wake of the massive fraud in Satyam admitted by Ramalinga Raju on Jan 7.

The listed company in a notification informed the BSE and the NSE that B. Narasimha Rao has been appointed additional director of the company with effect from Jan 30.

Bansal, however, will continue to perform his duties as president, transportation and oil and gas sector, it said.

"The board reviewed recent developments and decided to meet again shortly to review operations on track."

"The board while expressing satisfaction on the efforts to provide information to all government agencies on their inspection, advised the employees to extend full support and cooperation in this regard."

The Hyderabad-based infrastructure company is one of the two realty firms that are run by the two sons of Ramalinga Raju, who is the chief promoter with 36 percent equity holding.

The aborted bid to acquire the two firms - Maytas Infra and Maytas Properties - for $1.6 billion (Rs.79.2 billion/Rs.7920 crore) by Satyam led to unprecedented crisis in the global software major, resulting in a spate of resignations by four directors and Ramalinga Raju subsequently.

The letter, signed by B. Teja Raju, vice-chairman of Maytas and son of Ramalinga Raju, also informed the BSE and the NSE that the board accepted the resignations of R.C. Sinha as chairman and independent director, and that of P.K. Madhav as a whole-time director and CEO.

Sinha's resignation was announced by the company on Jan 8. He, however, had put in his papers on Jan 7 when Ramalinga Raju quit admitting Rs.70 billion (Rs.7,000 crore/$1.43 billion) accounting fraud in Satyam.

Madhav resigned as CEO and whole-time director on Jan 19 following his arrest in connection with a criminal case of defrauding depositors of Nagarjuna Finance Limited, the firm he was earlier associated with.