The name of Maytas Property Limited (MPL), a real estate development firm promoted by B Ramalinga Raju, founder of erstwhile Satyam Computers, has been changed to Hill County Properties Limited (HCPL) by its new owner IL & FS.
A fresh certificate of incorporation to this effect has been issued by the Registrar of Companies, Andhra Pradesh.
In December 2008, the Satyam board has approved acquisition of Maytas Infra and Maytas properties, both floated by Raju, for $300 million and $1.3 billion respectively. However, the $1.6 billion deal was abandoned after protests from institutional shareholders.
Thereafter, in January 2009, Raju resigned as Satyam chairman admitting to a massive accounting fraud in the company. Raju was arrested on the same day and was later imprisoned. He is out of jail on bail now.
Subsequently, the Company Law Board had cleared the decks for IL & FS to acquire the company in 2011.
“We are extremely happy with this new development and we have long been waiting for this to happen. We at IL&FS wanted the past legacy to end and change of name was one of them. Despite our best efforts, many of our customers and stakeholders were a bit skeptical of Maytas name. Now, with this new name, we will continue to work with renewed vigor to take forward the Company. Today we take great pride that IL&FS Group has been able to salvage and rebuild the Company and work at Hill County Township, the flagship project of Hill County Properties Limited”, Hill County Properties Limited chairman, Arun Saha, stated in a press release.
“I understand that many of our stakeholders had misgivings about Maytas name and I am happy that many of their apprehensions will now be allayed given a new name and a renewed focus. Having put in a lot of effort to rebuild the MPL, IL&FS Group deserves this name change and I look forward to IL&FS Group carry on the exceptional work it has done so far,” director and government nominee on the board of HCPL, Ved Jain, said.
Hill County Township, the flagship project of HCPL is spread over 85 acres of land with 326 villas and 840 apartments in 11 towers.
