<p>The State cabinet on Monday reversed its recent decision to terminate the contract with the company on the development of these airports, and handed over the projects back to the Maytas-led consortium.<br /><br />The decision to this effect was taken following the Union Government’s assuring the State that it will stand guarantee as far as implementation of these projects are concerned. <br />Assurance<br /><br />“The Centre by assuring to provide necessary funds and inputs to the company and ensure that these projects are implemented within 12 months, urged the State Government to re-consider its decision,” Home Minister V S Acharya told reporters after the cabinet meeting.<br />The Union department of Corporate Affairs has on June 25, 2009 written a letter to the State in this regard. Hence, the cabinet took this decision, he added.<br /><br /> “Our only fear was liquidity and credibility of the company in the wake of a major financial scam rocking Satyam computers. Now that the Centre has given us the guarantee on the project, we have decided to give the projects back to Maytas on the same terms and conditions,” he explained.<br /><br />Maytas was promoted by fraud-hit Satyam computers.</p>
<p>The State cabinet on Monday reversed its recent decision to terminate the contract with the company on the development of these airports, and handed over the projects back to the Maytas-led consortium.<br /><br />The decision to this effect was taken following the Union Government’s assuring the State that it will stand guarantee as far as implementation of these projects are concerned. <br />Assurance<br /><br />“The Centre by assuring to provide necessary funds and inputs to the company and ensure that these projects are implemented within 12 months, urged the State Government to re-consider its decision,” Home Minister V S Acharya told reporters after the cabinet meeting.<br />The Union department of Corporate Affairs has on June 25, 2009 written a letter to the State in this regard. Hence, the cabinet took this decision, he added.<br /><br /> “Our only fear was liquidity and credibility of the company in the wake of a major financial scam rocking Satyam computers. Now that the Centre has given us the guarantee on the project, we have decided to give the projects back to Maytas on the same terms and conditions,” he explained.<br /><br />Maytas was promoted by fraud-hit Satyam computers.</p>
