The government appointed board of Maytas Infrastructure, a company promoted by family of tainted Satyam Chief, B Ramalinga Raju, has cleared the Corporate Debt Restructuring (CDR) plan of the cash strapped firm.

The plan would be discussed by the Corporate Debt Restructuring Forum, comprising representatives of lenders and the company. The infrastructure company has borrowed funds worth Rs 5,000 crore from various lenders including State Bank of India (SBI), ICICI, IDBI, Hong Kong and Shanghai Banking Corporation (HSBC), Citibank NA and HDFC Bank Ltd.

After hearing and reviewing the CDR presentation by SBI Capital Markets the six member board headed by Mr. K. Ramalingam yoked the plans, terming it indispensable for the routine financial operations of the firm.

The board also reviewed the work of various BOT (build, operate, transfer) projects being executed by the firm at different locations of the country.

The banks, including ICICI and IDBI, are reported to have given their nod for restructuring of loans worth Rs 1,700 crore, extending the tenure of due outstanding as per Ved Jain, member on the Maytas board and former president of the Institute of Chartered Accountants of India.

Many lenders have halted advances to Maytas Infra, headed by Ramalinga Raju's older son B Teja Raju, following the revelation of Satyam's auditing fraud.