No pref allotment to IL&FS if open offer fails:Maytas Infra

It's a new dawn for Maytas Infrastructure. The Company Law Board approves IL&FS as the new promoter. IL&FS will make an open offer as per Sebi guidelines and will bring in Rs 55 crore as liquidity for Maytas in three months.

Ved Jain, Independent Director, Maytas Infrastructure, says there was consensus within the board about stake sale to IL&FS. He added that the initial crunch in Maytas has been dealt with through the corporate debt restructuring. "IL&FS' Rs 55 crore commitment was mandatory under the CDR agreement."

An open offer, he feels, is mandatory for Maytas Infrastructure. According to him, the issues in the case of Maytas are different from that of Satyam. "Maytas and Satyam cannot be compared."

The company, he added, has started action to recover the Rs 391 crore that went to Satyam.

However, Anil K Agarwal, Government Appointed Director, Maytas Infrastructure, says there was no diversion of funds from Satyam to Maytas.

IL&FS, he says, would hold 57% stake after the open offer. He rules out a preferential allotment for Maytas if the open offer fails.

Speaking on Maytas Properties, Jain says the entire stake of Maytas Properties is held by the Raju family. "Maytas Properties has assets but no liquid cash."