The government may suggest the creation of an exclusive ?bank account? for Maytas Properties? flagship project–Maytas Hill County–so that investors? money can be routed only for construction of the project.
Maytas Properties is scheduled to have its board meeting on Wednesday in Hyderabad. Ved Jain, the government nominated director on the Maytas Board, declined to comment on the specifics of the government?s plans, when contacted by FE. ?I first want to hear what the board of directors has to say. Any government proposal will have to take into account that feedback,? he said.
He further said that the board?s immediate plan is to complete the Hill County project as soon as possible. When asked about the current status of the project, Jain said that while the independent houses are in an advanced stage of completion, flats will take some time to complete. The Hill County project has an estimated 1,150 flats and 350 villas under its umbrella.
?We have sought a clarification on certain issues from the company management on their business plan, which we intend to present to the lenders of Maytas Properties. This will help build an image of the company,? he said. Jain said the government?s foremost objective is to restore the confidence of investors.
After the Satyam episode, Maytas? projects have been hurt, as people have stopped paying pending dues. Construction work has also suffered. On being queried about the issue, Jain said, ?I want to make sure that apart from knowing what the company wants, we also delve into things that lenders want, so that the management and investors are able to coordinate with each other in a better manner.?
Construction of Maytas? projects has been stalled owing to non-payment on the side of the investors. This, after indications of a possible connection between the Satyam scam and the two Maytas companies ? Maytas Properties and Maytas Infra — surfaced.
Hill County was the first residential venture of Maytas Properties, which was heavily promoted by Satyam Computer Services. The project had received great response, and was sold out within a month after it was opened for booking.