Hyderabad, September 24: Maytas Infra Ltd on Thursday said it was hoping that Mahindra Satyam (MSat) would acknowledge the Rs 323 crore Inter Corporate Deposits (ICDs) in its upcoming re-audited financial results, which will be disclosed on September 29.
Infrastructure Leasing & Financial Corporation (IL&FS), the new promoter of Maytas Infra, said these ICDs have to be shown either as capital, revenue, gift or debt in MSat’s financial statments. “These deposits cannot just disappear from the balance sheet. They can only be taken as capital, revenue, gift or debt. There’s no fifth accounting entry and if it’s not the first three, which it clearly isn’t, then it is debt and has to be repaid,” said Ravi Parthasarathy, chairman, IL&FS and Maytas Infra.
Maytas had submitted the forensic audit trail to the ministry of corporate affairs, which in turn handed it over to the government nominee on MSat board and the chairman of MSat audit committee.
“My understanding is that the ministry was in touch with them (MSat) and suggested it be taken cognizance in whatever manner? We will get clarity after they (MSat) declare their financial statements,” Parthasarathy said adding, “MSat earlier said it was circular trading. We have completed our audit and we don’t have a single deposit received in Maytas either from the Raju’s family or Maytas Properties or from MSat. As far as we are concerned we do not have any liabilities relating to those obligations. So any statement made about circular money is incorrect and misleading.”
Maytas said it had already provided MSat all documentary evidence showing the money flow from Maytas Infra into MSat, earlier known as Satyam Computer Services Ltd.
This evidence include bank statements, names of the beneficiary companies and the dates when the money was issued. “We also have proof that the money went to other beneficiary companies from Satyam the same day,” he said. According to IL&FS, ICDs worth Rs 392 crore from Maytas Infra were issued to Satyam. Of this, the company gathered proof for Rs 323 crore, while evidence for the remaining Rs 69 crore is still in the process.
The government-controlled Maytas board had earlier expressed intention to resort to legal action, if need be, to recover these ICDs.
In the past, Ved Jain, government-appointed director, Maytas Infra and Maytas Properties said, “We are now asking for a refund. We have evidence to prove the money ended up in Satyam bank accounts as the payments were made through account payee cheques. We are sending the proof to Satyam. Legal opinion says the money is recoverable.”
According to him another Rs 220 crore from Maytas Properties has gone into Satyam accounts.
–Agencies