IANS

Mumbai/New Delhi, Aug 31: Infrastructure company Maytas Infra posted a net loss of Rs.489.79 crore last fiscal compared to a profit of Rs.99.64 crore in the previous period, it said in a regulatory statement Monday.

The Hyderabad-based company, promoted by the family of B. Ramalinga Raju, the disgraced former chairman of the scam-hit Satyam Computers, also said that revenues in 2008-09 were down 19 percent to Rs.1,335 crore from Rs.1,637 crore it logged the previous fiscal.

The company attributed the losses to accounting adjustments due to lower level of operations, clients not certifying the work done and some damages imposed by clients.

IL&FS to be New Promoters of Maytas 

Infrastructure Leasing and Financial Services Ltd (IL&FS), a leading infrastructure development and finance company, will be the new promoter of Maytas Infra, union Minister for Corporate Affairs Salman Khurshid announced Monday.

"IL&FS will be the new promoter of Maytas Infra following an order of the CLB (Company Law Board)," Khurshid told reporters here.

IL&FS will be the biggest stakeholder with 37 percent share.

"IL&FS is the new promoter of the company with immediate effect," Khurshid said, adding that the existing promoter shareholders will step down.

He said two of the government appointed directors would stay on the board of the company for two years. However, the minister did not disclose details about the officials.