ICICI seeks nod for spot on Maytas Infra board

Written by Corporate Bureau | New Delhi | Updated: May 22 2009, 05:33am hrs
The ICICI Bank has approached the ministry of corporate affairsseeking representation on the board of the infrastructure company, Maytas Infra.

ICICI Bank is one of the prime lenders of the company apart from IDBI, State Bank of India, IL&FS. According to official sources, ICICI bank is interested insecuringrepresentation on the board of the cash-strapped company, promoted by the kin of disgraced Satyam founder Ramalinga Raju.Anil K Agarwal, government nominated director on the board of Maytas Infra had stated that the company was in talks with various financial institutions like ICICI, State Bank of India, IDBI for the corporate debt restructuring of the company.

Recently, the board of Maytas Infra in its last board meeting had approved the debt recast plan and reviewed the status of various projects of the company including the Hyderabad metro rail project. The company had said in astatementthat the corporate debt restructuringscheme is likely to be approved soon and the board was optimistic on the execution of various projects taken up by the company.The official further said that the request of ICICI bank would be examined by the ministry and the company law board will take the final call on this.While hearing the petition of the government in the Maytas Infra case in February, the CLB asked ICICI Bank and other financial institutions whether they wanted a representation on the company board. At that time, all the three financial institutions IDBI Bank, ICICI Bank and IL&FS had said that they were not interested in board membership of the Hyderabad-based company.