Sept. 9: The Company Law Board (CLB) on Thursday directed crisis-ridden Maytas Properties — the real estate firm promoted by Mr Ramalinga Raju — to file the status report of the financial condition of its on-going Rs 1,200 crore Hill County Project in Hyderabad within six week.
The CLB chairman Justice D.R. Deshmukh also directed Maytas Properties to provide a time frame within which it would complete the Hill County Project. CLB’s direction came after the firm sought some time for completing the project as it is facing financial hurdles.
Counsels appearing for Maytas Properties informed the board that the firm requires Rs 335 crore to complete the project and is currently in talks with some strategic investors for raising the money. However, the Hill County Home Owners’ Welfare Association countered that the company has not made any progress since January this year.
Meanwhile, government representative appearing for the board said the investigation by enforcement directorate, CBI and other agencies is going on and they are not in a position to comment on it.
CLB was hearing a plea moved by the Hill County Home Owners’ Welfare Association, which had requested the board to direct the firm to expedite the construction of the project. The board has posted the matter on October 27 for next hearing.