Satyam had proposed to acquire Maytas Properties and Maytas Infra, companies controlled and run by the promoter family, for $1.6 billion (around Rs 7,680 crore).
The move was as good as drawing money from the company’s bank account and putting it in the family’s saving account. No wonder the investors cried foul.
What’s worse is that Maytas Properties is a loss-making venture and investment in it was certainly not a wise thing to do.
The surprising part is that Satyam Chairman B. Ramalinga Raju expressed surprise at the market reaction…kamala hai!
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2 years ago
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