Valued Maytas for Raju family, not for Satyam: E&Y

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Press Trust of India Nw Delhi
Last Updated : Jan 19 2013 | 11:08 PM IST

Auditing major Ernst & Young today said its valuation of controversial Maytas Properties was for a deal involving existing shareholders of the firm, but declined to comment on whether its report was misused by scam-tainted Satyam Computer.

"We were not given to understand by any party, explicitly or implicitly, during the valuation exercise, about Satyam's plans to acquire Maytas Properties," an E&Y spokesperson said.

Asked if the valuation, which it said was done in an "unrelated context" was misused by Satyam, also founded by Raju, and if E&Y would take any action against the IT firm, the spokesperson said "no comments".

The decision to acquire his family-promoted Maytas Properties and Maytas Infra, whose statutory auditor is also E&Y, proved to be the nemesis of Raju, who was arrested early this month after he disclosed a Rs 7,800-crore fraud.

"Ernst & Young was engaged by a law firm to undertake a valuation of Maytas Properties, as required under the guidelines of the Reserve Bank of India, for a proposed share transaction involving existing shareholders of Maytas Properties," the spokesperson said.

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First Published: Jan 25 2009 | 4:37 PM IST

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