Maytas talks to 2 banks for settlement

Nov 11, 2010 |

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Nov. 11: In what looks a sign of recovery, Maytas Infra on Thursday posted a 90 per cent lower loss compared to the last year figure. The net loss for the second quarter, was Rs 52.7 crore as against loss of Rs 529 crore in the same quarter last year.

The company’s loss, however, has increased by Rs 10 crore on the sequencial basis. The net loss in the first quarter was Rs 43.46 crore. The net sales went up just 2.29 per cent to Rs 179 crore from Rs 175 crore.

In its filing with stock exchanges, Maytas said that it has executed one-time settlement with yet another bank, that cost the company Rs 16.21 crore for the company, during the quarter under review. Maytas also said that it is trying to negotiate a settlement with two more banks. Earlier, it had also opted for one-time settlements worth Rs 400-450 crore with seven banks, which were not willing to be a part of the CDR scheme.

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