Processing .....please wait.. 
The article has been forwarded.... 
Maytas Infra files criminal case against Vedanta
Friday, 27 February 2009, 03:25 Hrs
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.
The case has been filed in court here for criminal breach of trust, cheating and criminal conspiracy.
"The contract between VAL (Vedanta) and Maytas dated March 20, 2008 and amended on May 3, 2008 states that Maytas Infra, being the contractor, was supposed to execute the work of building the township for Vedanta Aluminium within 18 months which expires on March 23, 2010," a statement issued by Maytas here said.
It said bank guarantees of
470 crore were fraudulently encashed without terminating the contract for constructing the 2.32-billion township in Jharsuguda in Orissa.
The court has registered the case and referred the matter to the Hyderabad police for appropriate action, the statement added.
Maytas alleged that Vedanta was also responsible for non-payment of admitted dues and non-settlement of commercial issues.
The infrastructure firm run by Ramalinga Raju's son has accused Vedanta of trying to take advantage of the situation created by the70-billion Satyam scam.
Maytas lost several projects in Orissa, West Bengal and other states after Ramalinga Raju admitted to the accounting fraud in Satyam Jan 7.
He is accused of diverting Satyam's funds to the companies promoted by his family members but Maytas, run by his son B. Teja Raju, has denied this.
The central government last week approached the Company Law Board to remove the directors of Maytas Infra and Maytas Properties.
Corporate Affairs Minister Prem Chand Gupta had said the government has found evidence that the two companies were involved in money laundering, fraudulent accounting and diversion of funds.
Maytas Infra has already announced that it would be contesting the government move in the Company Law Board.
Source: IANS
The case has been filed in court here for criminal breach of trust, cheating and criminal conspiracy.
"The contract between VAL (Vedanta) and Maytas dated March 20, 2008 and amended on May 3, 2008 states that Maytas Infra, being the contractor, was supposed to execute the work of building the township for Vedanta Aluminium within 18 months which expires on March 23, 2010," a statement issued by Maytas here said.
It said bank guarantees of
470 crore were fraudulently encashed without terminating the contract for constructing the 2.32-billion township in Jharsuguda in Orissa.The court has registered the case and referred the matter to the Hyderabad police for appropriate action, the statement added.
Maytas alleged that Vedanta was also responsible for non-payment of admitted dues and non-settlement of commercial issues.
The infrastructure firm run by Ramalinga Raju's son has accused Vedanta of trying to take advantage of the situation created by the
70-billion Satyam scam.Maytas lost several projects in Orissa, West Bengal and other states after Ramalinga Raju admitted to the accounting fraud in Satyam Jan 7.
He is accused of diverting Satyam's funds to the companies promoted by his family members but Maytas, run by his son B. Teja Raju, has denied this.
The central government last week approached the Company Law Board to remove the directors of Maytas Infra and Maytas Properties.
Corporate Affairs Minister Prem Chand Gupta had said the government has found evidence that the two companies were involved in money laundering, fraudulent accounting and diversion of funds.
Maytas Infra has already announced that it would be contesting the government move in the Company Law Board.
Source: IANS
Don't Miss
Write your comment now
|
Submit your news/press release
Let our editorial department know about any news about your company, your
organization, or yourself, or any press release that you have. If we find it suitable for our audience, we will contact you and make a news. Please
also share any links for the news.
Reader's comments (3)
1: Comedy for the millenium, see who is filing a
criminal report. Just gives some hope that
even if one is killed he can still go to the
legal hands for them to resolve the issue.
But will the judgement come after 15 - 20
years?
Posted by: Kris - 02 Mar, 2009
2:Warm Rise,region from week dead official
considerable move among accident convention
pass change function cover flat approve knee
variation rare fail neck drop them cross
encourage else conversation rely affair unit
study prison her road seem head nothing
invite way force assess clean approach sound
slow inside resource widely remember detail
significant state entitle strange walk light
standard emphasis matter wear succeed write
manner relatively quick ride offer tea tea
catch transfer straight educational per deep
cash yourself present beginning school fish
employ basic source switch set now may risk
Consumerno replied to: Kris
post - 23 Dec, 2009
post - 23 Dec, 2009
3: Warm Rise,region from week dead official
considerable move among accident convention
pass change function cover flat approve knee
variation rare fail neck drop them cross
encourage else conversation rely affair unit
study prison her road seem head nothing
invite way force assess clean approach sound
slow inside resource widely remember detail
significant state entitle strange walk light
standard emphasis matter wear succeed write
manner relatively quick ride offer tea tea
catch transfer straight educational per deep
cash yourself present beginning school fish
employ basic source switch set now may risk
Posted by: Consumerno - 23 Dec, 2009
Disclaimer
Messages posted on this Web site under the `Comments' area are solely the opinions of those who have posted them and do not necessarily reflect the opinions of Infoconnect Web Technologies India Pvt Ltd or its site www.siliconindia.com. Gossip, mud slinging and malicious attacks on individuals and organizations are strictly prohibited. Infoconnect Web Technologies India Pvt Ltd can not be held responsible for errors or omissions in content, nor for the authenticity of the user/company name or email addresses associated with posted messages. Infoconnect Web Technologies India Pvt Ltd reserves the right to edit or remove messages containing inappropriate language or any other material that could be construed as libelous, potentially libelous,
or otherwise offensive or inappropriate.Infoconnect Web Technologies India Pvt Ltd do not endorse the products and services or any other offerings mentioned in these messages.
- Software Testing is Dead!!!
- Indian Army Preparing for Limited Conflict with China
- Indian Brains Behind 50 Percent of U.S. Patents
- Why is Priyanka Gandhi Liked More than Rahul Gandhi?
- Selective Abortion on the Rise among Indians in North America
- India's Most Wanted: Pak's Political Hero
- 5 Best Android Smartphones Under Rs.10,000
Beautiful and dress selection, please go to Dresses
| Plan on visiting the Lotus Temple? Get Great Deals on Delhi Hotels ! |
Buy India Wholesale Products on DHgate.com
SPOTLIGHT
General
28 percent of Indians are ‘very likely’ to take up a full time job overseas for two to three y..
|
|
|
|
|
