Maytas, which is promoted by India's fourth largest IT consultant and software exporter Satyam Computer Services, will invest Rs 2500 crore in the SEZ project. The funds for the project will be raised through a mix of debt and equity.
It is not clear how a company which has been tainted for misdemeanor is going to function by infusing money. It seems the major part of the money will be in the form of salary to some of the highest paid guys who were party to the scam. We are made to understand that the scam is only at the top and rest in the hierarchy are not aware. It is also known that many of the clients in US and other parts of the world are canceling the order on Satyam, so what is the job these so called experts in Satyam are going to do?
Before the government commits itself to the public money it should make sure about the operating methodology of such companies where most of the works is carried out in virtual world. It requires smart operators (not the Police) to ferret out information or otherwise the money will vanish through the route created by Ramalinga Raju- (Maytas the Real Estate Inflated balloon- the thin rubber enveloped by air of bureaucrats vanishing into thin air- no proof no evidence!)
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Maytas companies have been given contracts worth over Rs 30,000 crore by the Andhra Pradesh state government and have accumulated a huge amount of land. “One example is the Rs 12,220 crore Hyderabad Metro Project. It has now come to light that the managing director of DMRC had written to the deputy chairman, Planning Commission in September 2008, protesting against the PPP model adopted in the case of Hyderabad Metro, where 296 acres of prime land has been made available to the build-operate-transfer (BOT) operator for commercial exploitation,” the CPM said.
CPM demands probe into land allotment to Maytas
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