Mumbai, Jan. 8: Maytas Infrastructure Ltd, the construction company in which the Rajus of Satyam Computer Services Ltd have a 36 per cent stake, today said its chairman R.C. Sinha had resigned.

The company told the stock exchanges that Sinha had stepped down because of personal reasons. It is, however, felt that his resignation is linked to the developments at Satyam Computer.

Reports say Maytas also misrepresented its financials. The company understated its profit in April-June quarter and the discrepancies were “duly accounted for” in the company’s books later.

“The statutory auditors of the company in their limited review report for the quarter ended June 30, 2008, qualified that the company made under-provision for service tax liability and excess provision for deferred tax liability, resulting in a net understatement of profit after tax by Rs 1.60 million for the quarter,” Maytas Infra’s vice-chairman B. Teja Raju said in the “notes” attached to the company’s quarterly results filed with the Bombay Stock Exchange.

“The said liabilities have been duly accounted for in the books of account in the current reporting period (quarter ended September 30, 2008),” Teja Raju said.

Maytas shot into the headlines last month when Satyam Computer announced its decision to buy the company. The software services company wanted to buy up to 51 per cent in the company. It planned to buy 31 per cent from the promoters and make an open offer for another 20 per cent.

While the price proposed to be paid to the promoters was Rs 475 per share, the price for the open offer was approved at Rs 525 per share.

However, a day later, Satyam did a U-turn and decided not to proceed with the proposed acquisition of Maytas Infra amid a shareholder revolt.