Maytas Infra, the company promoted by the kin of disgraced founder of Satyam B Ramalinga Raju, says the government had failed to establish any case of fraud or irregularity against the real estate firm, vindicating its stand that no funds were diverted from Satyam Computer to Maytas.

"The case of Maytas Infra Ltd is not like Satyam Computer Ltd," the company informed the Bombay Stock Exchange, a day after the Company Law Board (CLB) rejected the petition of the government to supersede the board of the real estate company.

"In view of the above (CLB) order, it is clear that prima facie, there is no fraud established by the government against the company nor is there any irregularity established till date," it added.

However, the CLB has passed an interim order on Maytas Infra which allows majority representation of the government representatives on the board. It has directed that four government nominees to be placed on the Maytas Infra board and one of its nominees be placed on the board of sister concern Maytas Properties. Also, one out of the four directors will be the chairman of the board.

Earlier, the government extended the scope of Serious Fraud Investigation Office (SFIO) probe into Satyam to cover the twin Maytas companies whose proposed acquisition by Satyam was aborted by a shareholder revolt.

Following the CLB directive, the government had appointed former ICAI president Ved Jain and noted tax lawyer O P Vaish on the board of Maytas Infra. Jain was also nominated to the board of Maytas Properties.

The Maytas statement said it is a professionally managed public concern.The company maintained that the CLB decision would allow Maytas Infra to re-focus its attention and energies on the projects under implementation by the company.

The company said that it stands committed to work in the interest of its shareholders and set the highest standards of efficiency and ethics while ensuring enduring value for its stakeholders.

Maytas Infra also welcomed the newly appointed board members Vaish and Jain.

Maytas said in its statement to the stock exchange that the CLB decided that the board would have to make a monthly report to it and the government, preferably during the first week of every month starting April.