Maytas issues notice to Vedanta Aluminum

HYDERABAD: Maytas Infra has issued a legal notice to Vendanta Aluminium for “encashing two bank guarantees worth Rs. 64 crore on January 20, 2009, and for not clearing admitted dues”. A Maytas Infra release said here on Thursday that the bank guarantees were produced by Maytas Infra towards the contract awarded by Vedanta Aluminium to execute the construction of township for them on May 7, 2008. Maytas Infra alleged that Vedanta had encashed the bank guarantees without even terminating the contract or establishing any breach of the terms and conditions by Maytas Infra. The bank guarantee could be invoked only if the company provides a termination contract or establishes breach of terms and conditions. Sudheer Mareddi, Vice-President, buildings and structures, Maytas Infra, said: “Vedanta Aluminium fraudulently encashed our bank guarantees and also did not settle our bills. source：www.hindu.com