Parthasarthy also sought to dispel suspicion of fraud having been committed at Maytas.

'It has done nothing wrong, than being in the vicinity of Satyam and suffering collateral damage. Most of the problems arising in Maytas is attributable to the collateral damage,' he said.

IL&FS now has to go for an open offer to acquire a further 20 percent under takeover guidelines of the market watchdog, Securities and Exchange Board of India (SEBI).

'I expect this will take a maximum of 21 days beginning from tomorrow (Wednesday),' said Parthasarthy.

The new management, which is required to infuse up to Rs.55 crore as liquidity support according to the CLB order, said it had already made available about Rs.50 crore to the company to kick start operations.

'The company is still going through a very difficult period. It will probably take at least a year if not more to restore stability,' said Parthasarthy.