Refund Rs 600 cr: Maytas to Satyam

HYDERABAD: Is a battle brewing between the B Teja Rajupromoted Maytas Infra, the Rama Raju Jr-promoted Maytas Properties and the now Mahindra-controlled Satyam?

In a surefire indicator that Maytas and Satyam are headed on a collision course, the government-controlled Maytas Infra board has declared that Rs 380 crore worth of inter-corporate deposits (ICDs) had found their way to Satyam accounts.

What’s more, another Rs 220 crore is learnt to have wound its way into Satyam accounts from Maytas Properties. Now both these companies are seeking a refund from Satyam, in which Tech Mahindra has recently upped its stake to 42.7%.

Divulging this on Saturday after the Matyas Infra board meeting here, Ved Jain, government-appointed director on board of both Maytas Infra and Maytas Properties, said: “We have found that the entire ICDs of Rs 380 crore have gone out of Maytas Infra to 14 or 15 Maytas Infra-controlled private companies and from there to Satyam bank accounts. Another Rs 220 crore from Maytas Properties has gone into Satyam accounts.”