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Wednesday 21 January 2009

Maytas Infra Ltd (MAIL.BO) denied on Tuesday it had received funds from fraud-hit Indian outsourcer Satyam Computer Services Ltd (SATY.BO)

Maytas Infra Ltd (MAIL.BO) denied on Tuesday it had received funds from fraud-hit Indian outsourcer Satyam Computer Services Ltd (SATY.BO), a day after India extended its probe to the linked construction firm.On Monday, the Indian government said the probe into Satyam, which is at the centre of India's biggest corporate scandal, had been widened to include Maytas Properties and Maytas Infra, two companies in which Satyam founders hold stakes. "Maytas Infra categorically states that there has been no receipt or utilisation of any funds belonging to Satyam, by diversion or otherwise," the company said in a statement issued late on Tuesday."We strongly refute this incorrect allegation against the company," it said, adding Maytas Infra was cooperating with the investigation.Satyam tried to take over the two Maytas companies in mid-December in a $1.6 billion deal, before hastily backing down in the face of a shareholder revolt.Maytas is Satyam spelt backwards.

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