International BusinessMaytas Hill County customers turn to NRIs
Customers of Hill County, a Rs 1,100-crore residential project of Maytas Properties, are set to present their case at the Pravasi Bharatiya Divas (PBD) on January 7 for its speedy completion. Maytas Properties, an unlisted company, is owned by the family of Satyam Computer Services’ founder B Ramalinga Raju.
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Customers of the residential project have been on the warpath for over a year. They have held demonstrations at the construction site, at the residence of Raju’s son B Rama Raju (Jr) and have even staged hunger strikes in protest against the delay.
Incidentally, Raju admitted to fraud at Satyam on the same day last year.
Speaking to Business Standard, a representative of the Hill County Flat Owners’ Welfare Association said customers from the US, UK and Hyderabad would be present at the PBD and share their concerns with other non-resident Indians (NRIs) deliberating on the issues relating to real estate.
The Hill County owners are also demanding a revamp of the Maytas Properties board, on which Ved Jain is the government-appointed director. He is also the director on the board of Maytas Infra, the listed company in which IL&FS has replaced the Raju family as the promoters.
“The change in management, as it happened with Satyam and Maytas Infra, seems to be the solution for the Hill County project,” said one flat owner.
When contacted, Jain declined comment on the issue.
The project, coming up at Bachupally on the outskirts of Hyderabad, has been in limbo ever since the multi-crore scam at Satyam came to light. Funding resources have dried up and Maytas Properties needs another Rs 290 crore or so for completing the project.
Maytas Properties has receivables of around Rs 60 crore. “The company should come out with a plan on how and when it would raise the remaining Rs 230 crore for completion of the project,” said another member, adding that at least eight persons would be present at the PBD.