International BusinessCLB allows Maytas Infra to file FY10 results by June 30
Crisis-hit Maytas Infra today said the Company Law Board (CLB) has allowed it to report quarterly accounts for the current financial year by June 30, 2010.
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In a filing to the National Stock Exchange, Maytas Infra said, "the CLB vide its order dated December 31, 2009, granted extension of time up to June 30, for publication of financial results of the company for the quarters ending September 2009, December 2009 and March 2010."
"In view of certain impending issues such as corporate debt restructuring and the likely delay in publishing the quarterly financial results, the company had made an application to the CLB for the extension of time," it added.
In October 2009, the CLB had allowed the company to report its accounts for the quarter ended September by December 31. Last year, Infrastructure Leasing & Financial Services (IL&FS) took over Maytas Infra, a company founded by the kins of disgraced Satyam Computer founder B Ramalinga Raju.
Disclosure of accounting fraud by Raju had its impact on Maytas Infra also and the company lost many contracts and slipped into dire straits.
In a bid to revive the company, the CLB allowed infrastructure major IL&FS to take over Maytas and appoint management.
IL&FS owns a 37 per cent stake in Maytas Infra.
The CLB had also allowed Satyam Computer (now rebranded as Mahindra Satyam) to finalise its accounts by June 30, 2010.
Shares of Maytas Infra were trading at Rs 165, up 4.13 per cent over previous close on NSE.