HYDERABAD: P K Madhav, CEO and director, Maytas Infrastructure, has resigned last week, said a company statement issued on Monday. Teja Raju, vice-chairman will now look after administration and operational functions until a new CEO is appointed.
“Madhav has expressed his inability to continue as the CEO in view of his attention and energy being used to address legal matters pertaining to the Nagarjuna Finance case,’’ said the release.
Madhav along with K S Raju, chairman, Nagarjuna Group, was arrested on December 16 for defaulting on payments to depositors. Madhav, prior to joining Maytas, worked as director, Nagarjuna Finance. He was sent to judicial custody till December 29, but was later released on conditional bail.
R C Sinha, non-executive director and chairman, Maytas Infra, also resigned early this month without citing any specific reasons.
Following the Satyam scandal, the Ministry of Corporate Affairs, ordered a probe in all the eight companies promoted by Ramalinga Raju including Maytas Infrastructure and Maytas Properties.
Raju on December 16 announced the acquisition of Maytas Infra and Properties but following sharp criticism from shareholders, the $1.3 billion deal was called off within 12 hours.
