Maytas

Maytas ("Satyam" read backwards) refers to a group of companies founded by B. Ramalinga Raju. It includes Maytas Properties and Maytas Infra Limited.

A property development company founded in 2009. The Ernst & Young is the statutory auditor of CS Properties. It was run by B. Ramalinga Raju. In January 2009, Raju resigned as chairman of company admitting to a massive fraud in the company. Raju was arrested on the same day and was later imprisoned. Subsequently, the Company Law Board had cleared the decks for IL&FS to acquire the company in 2011. In August 2013, The name of Maytas Property Limited (MPL) has been changed to Hill County Properties Limited (HCPL) by its new owner IL&FS.

An infrastructure development, construction and project management company. Maytas Infra was originally run by Satyam Computer Services founder B Ramalinga Raj. It came under the scanner due to its association with B. Ramalinga Raju. Various agencies, including the state Crime Investigation Department, probed the Maytas affair after B Ramalinga Raju admitted to serious financial scam in Satyam Computer. Also, there were allegations that funds from Satyam were diverted to Maytas, causing the Government agencies to verify the infrastructure company’s records as well. Maytas Infra later requested for an extension of its quarterly results due to these investigations.

In August 2009, IL&FS replaced B Ramalinga Raju as promoter of Maytas Infra.

In 2008, the Satyam board approved a US$1.6 billion acquisition of the Maytas Infra ($300 million) and Maytas Properties ($1.3 billion). The acquisition attempt was seen as an attempt by the Raju family to exploit Satyam's cash resources, as the transaction would have left Satyam in a debt of around $400m. After protests from the institutional shareholders, the deal was abandoned.

In 2009, B Ramalinga Raju resigned as the Satyam CEO, admitting to an accounting scam to the tune of 7136crore rupees. Raju stated that the aborted Maytas deal was actually a last attempt to "fill the fictitious assets with real ones".

After B Ramalinga Raju admitted Satyam scam, the Maytas stock slumped to a 52-week low on 9 January 2009.

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