MAYTAS - the reflection of SATYAM

After Satyam, its the turn of the shares of Maytas Infra, another firm promoted by the Ramalinga Raju family, The stock today fell nearly 5% and got stuck in its lower circuit on the bourses, after reports surfaced that the firm has also misrepresented its financials.

Yesterday, the company said that its chairman and non-executive director R.C. Sinha has tendered his resignation.

Maytas Infra has also understated its profit in the April-June quarter and the discrepancies were ‘duly accounted for’ in the company’s books later.

“The company’s statutory auditors has qualified that Maytas Infra made under-provision for service tax liability and excess provision for deferred tax liability, resulting in a net understatement of profit after tax by Rs1.60 million,” company VC B Teja Raju, son of Satyam’s founder B Ramalinga Raju, has said.