Maytas Infra?s bankers and multiple project partners aren?t the only ones waiting for the outcome of the official probe into Maytas firms. The World Economic Forum (WEF), too, is keeping tabs on the firm?s fate. WEF has already dropped Satyam Computer Services? jailed founder B Ramalinga Raju?s profile from its Website.
The WEF interest in Maytas Infra stems from an unflattering development; the firm is on the WEF list of 200 Global Growth Companies in 2008. The listed firms enjoy many benefits, courtesy WEF, including exchanges with other member companies about best practices and business models. Maytas features along 22 other Indian companies on the list, including Apollo Hospitals, Crompton Greaves, Dabur India, Genpact, Wockhardt, Moser Baer and Educomp Solutions.
When contacted about Maytas Infra?s continuance in the list, a WEF spokesperson told FE , ?The World Economic Forum is aware of allegations surrounding this company and the ongoing legal process. As such we would wait until the proper process of legal investigation has taken place . ?
The Company Law Board (CLB) is unlikely to accede to the government?s plea for superseding the Maytas Infra board. A final order on Maytas Infra and its sister concern, Maytas Properties, was reserved for Tuesday, but has now been deferred to Thursday.
The Community of Global Growth Companies of WEF comprises firms that are leaders in their fields with an over 15% growth rate annually, and revenues typically between $100 million and $2 billion. Those firms should have ?expanded outside their traditional boundaries? and must have an ?outstanding executive leadership,? as per WEF criteria.
Maytas, rated India?s ?fastest growing construction company? in 2008 by Construction World, was the only Indian infrastructure firm to make it to the WEF list. ?This invitation reflects positively on our whole team at Maytas Infra and has provided us with further growth opportunities,? former chief executive PK Madhav had said after the firm made the cut.
The WEF review, however, doesn?t seem to be restricted to Maytas Infra. Satyam was a strategic partner for WEF?s India Economic Summit 2008 in New Delhi last November, where Raju was a panelist at a session chaired by WEF chief Klaus Schwab. While Satyam?s profile remains on the WEF Website (albeit, an old profile that talks of its 185 Fortune 500 clients), all hyperlinks to Raju?s profile draw a blank.