Maytas Infra CEO quits

January 19th, 2009 - 7:39 pm ICT by IANS  

Ramalinga RajuMumbai, Jan 19 (IANS) Maytas Infra chief executive P.K. Madhav has resigned, the company announced Monday.”P.K. Madhav, the whole-time director and chief executive officer of Maytas Infra, tendered his resignation from directorship as well as CEO of the company owing to personal reasons,” Maytas said in a regulatory statement.

Maytas Infra, promoted by a son of Satyam Computer’s disgraced founder B. Ramalinga Raju, has been in the midst of controversy ever since Satyam announced last month it was planning to acquire it, and unlisted sister concern Maytas Properties, on a combined investment of $1.6 billion. Satyam backtracked after investors protested.

Earlier in the day, Vedanta Aluminium, a subsidiary of the London-based Vedanta Resources, confirmed to IANS that it had terminated a contract awarded to Maytas Infra to develop a Rs.233-crore (Rs.2.33-billion) integrated township project in Orissa.

Maytas Infra’s non-executive director and chairman R.C. Sinha has already resigned.

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