Mauritius firm makes Rs806 crore demand on Maytas Properties

SRS Orion Investment, an investment firm based in Mauritius, has demanded Rs806 crore from the troubled Maytas Properties, a company promoted by the kin of Satyam Computer founder B Ramalinga Raju.

In a petition filed before the Company Law Board (CLB), SRS Orion said it has made a Rs806 crore claim over its reported Rs600 crore investment in Maytas Properties.

The investment firm has already issued a public notice demanding Rs806 crore by 19 March 2009, the company said in the petition.

SRS Orion has urged the CLB to make it a party in the case relating to replacing the board of Maytas Properties with government nominees. The investment firm has also sought converting its compulsory convertible debentures (CCD) held in Maytas Properties into shares.

The company said the Maytas board had kept it in the dark about the goings on in the realty firm despite its huge investments.

"On 16 December 2008, the applicant was shocked to learn that without their approval, Ramalinga Raju made a public announcement that Satyam plans to acquire 100 per cent share," it said, adding it was a breach of the investment agreement with Maytas Properties.

The firm said it had also written to Ramalinga Raju and his sons Teja Raju and Rama Raju, "placing on record that the Satyam offer is subject to prior consent of SRS Orion".

The firm said it was in the process of initiating "appropriate legal proceedings" against Maytas Properties and other members of the Maytas group.