Maytas Infra files criminal case against Vedanta
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Maytas Infra files criminal case against Vedanta

Friday, 27 February 2009, 11:25 Hrs   |    3 Comments
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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 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
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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 - 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
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