Maytas Infra Ltd today maintained that it has documentary evidence to show that Mahindra Satyam (Satyam Computer) was the ultimate beneficiary of Rs 324 crore, which was handed over as inter-corporate deposits (ICDs). This is part of Rs 392 crore ICDs, which the erstwhile promoters of Maytas Infra Ltd, passed on to other corporate entities, including Mahindra Satyam.

The board of directors of Maytas Infra, which met on Monday, mentioned that the company has made a claim of Rs 323.78 crore together with interest receivable from Mahindra Satyam, and that they were confident of recovering the ICDs together with interest.

In continuation of the previous year and quarter ended June 30, 2009, the auditors have qualified their review report for the quarters ended September, December 2009, and in consolidated audit report for March 31, 2010 in respect of recovery of ICDs.

However, during the current year, the management has adopted a conservative policy and reversed the amount of interest already accrued on ICDs. As a part of the Corporate Debt Restructure (CDR) package, Maytas Infra has managed one-time settlement with four banks.

Having finalised a CDR package, it is set to enter into a Master Restructure Agreement (MRA) with lenders.

Sets up TRUST

To restructure debt, the company has set up an irrevocable trust — Maytas Investment Trust (Trust) — and has transferred its investments aggregating Rs 310 crore in BOT projects at fair value of Rs 575 crore. The company has transferred equivalent amount of bank liabilities to the trust in line with CDR package. The trust has issued pass through certificates to lenders and has vested the economic benefits to the lenders. It has also hypothecated the ICDs in favour of lenders.

The company’s auditors have also qualified their report in respect of recoverable of Rs 15 crore from Maytas Metro SPV and invocation of bank guarantee of Rs 60 crore.

During the year, the company has sold its investments in GVK Gautami Power Ltd., Brindavan Company Ltd., Bangalore Elevated Tollway Ltd., Pondicherry Tindivanam Tollway Ltd., KVK Nilachal Power Ltd., Himachal Sorong Power Ltd., SV Power, Hyderabad Expressway and Cyberabad Expressway to Maytas Investment Trust.

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