Maytas’ legal notice to Vedanta for encashing bank guarantees

February 26th, 2009 HYDERABAD - Maytas Infra, the infrastructure firm owned by the son of disgraced former chairman of Satyam Computer Services B. Ramalinga Raju, has filed a criminal case against Vedanta Aluminium and eight of its employees for 'fraudulently' encashing bank guarantees without terminating a contract between them.

January 18th, 2009 BHUBANESWAR - Maytas Infra, the infrastructure company linked to scam-tainted Satyam Computer Services, has lost a contract from Vedanta Alumina to develop an integrated township in Orissa, Vedanta said here Monday. 'We have terminated the contract.

February 2nd, 2009 BHUBANESWAR - Maytas Infra - the infrastructure company floated by the promoter-family of scam-tainted Satyam Computer Services - has lost another project in Orissa. Hyderabad-based KVK Energy, which is setting up a Rs.50-billion (Rs.5,000-crore), 1,050 MW coal-fired power project in Cuttack district, Tuesday said Maytas was no longer its joint venture partner.

January 18th, 2009 HYDERABAD - P.K. Madhav, chief executive of Maytas Infra, promoted by disgraced founder and former chairman of Satyam Computer Services B.

January 5th, 2009 NEW DELHI - Infrastructure development company Maytas Infra, which was embroiled in a major controversy last month over its acquisition by Satyam Computer, has bagged a Rs.1.1-billion (Rs.110-crore) contract from Southern Railway, the company said Tuesday. As per the contract, Maytas will double the broad gauge track between Chengalpattu and Villupuram, two districts in Tamil Nadu, the company said in a statement.

December 22nd, 2008 NEW DELHI - Satyam Computers' cup of woes seems to be overflowing, with news surfacing Tuesday that the software vendor has been debarred by the World Bank for alleged data theft and bribing bank officials. Fox News, a US-based broadcaster, said the World Bank has admitted to it that it had banned Satyam from all business at the bank for a period of eight years - and that the ban started in September.

January 6th, 2009 HYDERABAD - In a development that shook India's corporate and financial worlds Wednesday, co-founder and chairman of Satyam Computers B. Ramalinga Raju resigned after confessing to a Rs.40 billion (Rs.4,000 crore or $823 million) fraud that had been going on for years.

January 19th, 2009 NEW DELHI - The IT bellwether Satyam Computer Services, embroiled in a Rs.70 billion ($1.7 billion) financial scam, has received buyout offers from both domestic and foreign firms, its new board member Tarun Das said Tuesday. 'Satyam has got enormous fixed, human resources and technology assets.

February 16th, 2009 NEW DELHI - The government Tuesday moved the Company Law Board to remove the board of directors of Maytas Infrastructure and Maytas Properties, the two infrastructure firms promoted by the family of B. Ramalinga Raju, the disgraced founder of Satyam Computer Services.

January 19th, 2009 HYDERABAD - Maytas Infra Tuesday denied it received any funds from scam-tainted Satyam Computer Services, and that there was a nexus between the two companies. The denial came a day after the central government extended the ambit of probe into Satyam fraud to Maytas Infra and Maytas Proprties, promoted by two sons of disgraced founder and former chairman of Satyam B.

January 20th, 2009 HYDERABAD - Disgraced founder and former chairman of Satyam Computer Services B. Ramalinga Raju has confessed that he diverted funds of the IT company to the two real estate firms promoted by his family, state police sources said here Wednesday.

January 21st, 2009 HYDERABAD - Maytas Infra Limited, promoted by the family of disgraced Satyam Computer Services founder B. Ramalinga Raju, Thursday sought extension of time to announce the financial results for Oct-Dec 2008 quarter as its account books are being inspected by Registrar of Companies and the Serious Fraud Investigation Office.

January 8th, 2009 KATHMANDU - As skeletons began tumbling out of the cupboards of India's IT bellwether company Satyam and the infrastructure company associated with it, Maytas Infra, there is also growing doubt about the latter's bid to foray into Nepal's hydropower sector. Maytas Infra - whose chairman resigned this week after one of its chief promoters, Satyam chief B.

January 7th, 2009 HYDERABAD - The resignation of R.C. Sinha as the chairman of Maytas Infra, the infrastructure firm promoted by a son of fraud-tainted Satyam Computer chief B.

January 19th, 2009 HYDERABAD - Maytas Infra and Maytas Properties, promoted by the sons of disgraced founder and former chairman of Satyam Computer Services B. Ramalinga Raju, Tuesday denied that they received any funds from the fraud-hit IT bellwether.