The million-dollar Satyam scam seems to haunt its associate firms further as the director of Maytas Infra Limited C.S. Bansal relinquished his post on Friday (January 30). Maytas Infra and Maytas Properties are promoted by disgraced founder and former chairman of Satyam Computer Services B. Ramalinga Raju and his family. Maytas Infra notified the BSE and the NSE that the company has inducted B. Narasimha Rao as the new additional director.

 

The company however, clarified that C.S. Bansal will offer its service as the president of transportation and oil and gas sector of Maytas Infra. The Maytas broad met in Hyderabad on Friday to review the development of the Satyam fiscal scam which broke out on January 7 after the confession of B Ramalinga Raju. Maytas informed that another board meeting will take place shortly.

 

Last year, Satyam Computer offered a bid to acquire Maytas Infra and Maytas Properties but later cancelled the acquisition which led to the resignations of four directors and Ramalinga Raju subsequently. B. Ramalinga Raju and his family own 36 percent equity holding in Maytas Infra which is run by his son B. Teja Raju. Maytas Infra has also lost its chief executive officer P.K. Madhav who resigned from his post last week.