maytas ceo quits as firm’s power project in jeopardy

Concerned that the fate of the 1200-MW power project in Orissa to be developed by beleaguered Maytas and KVK Nilachal could be in jeopardy...

Written by Priyadarshi Siddhanta | New Delhi | Published:January 20, 2009 12:59 am

Concerned that the fate of the 1200-MW power project in Orissa to be developed by beleaguered Maytas and KVK Nilachal could be in jeopardy,the state is likely to do some plain-speaking when Maytas representatives visit them on Tuesday. However,the meeting seems a distant possibility with the company’s CEO P K Madhav quitting the company on Monday. “Maytas representatives are slated to meet us and we intend to ascertain their financial muscle in the wake of developments in Satyam. We are keen to go ahead with the power project in Cuttack,” sources in the Orissa government said. The coastal state administration is concerned that revelations in Satyam could have a direct bearing on the fate of the project. KVK Nilachal is believed to have been asked to produce the original Company Article of Association to ascertain the stakes of Maytas Infra in it,sources said. Madhav has quit Maytas Infra citing his inability to continue as its CEO “in view of his attention and energy being used to address the legal matters pertaining to the Nagarjuna Finance case”.

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