CLB asks government to appoint four nominee directors for Maytas InfraMarch 5th, 2009 - 7:11 pm ICT by ANI
New Delhi, Mar 5 (ANI): The Company Law Board (CLB) on Thursday asked the government to appoint four nominee directors on the board of Maytas Infra.
One of the four nominees would be the chairman of the board, it said.
The CLB has rejected the governments petition to supersede the Maytas Infra board.
The Law Board said that Maytas Infra authorizes the central government to appoint four nominees directors on the board of the company.
The Law Board also ruled that without the prior approval of the CLB, no government agency should initiate any punitive action against these nominee directors.
The government is probing the Maytas Infra and several other companies, which are linked to disgraced Satyam Computers Services founder Ramalinga Raju.
Earlier, the government had extended the Serious Fraud Investigation Office (SFIO) probe from Satyam to Maytas Infra and Maytas Properties suspecting a fraud in the companys dealings.
Union Minister for Corporate Affairs Prem Chand Gupta informed that the government has found evidences of involvement of both the companies in the Satyam scandal, which entails fabrication of accounts, money laundering, round-tripping of money and fraudulent diversion of funds. (ANI)
- Government dissolves Maytas Infra board - Feb 17, 2009
- Government asks Company Law Board to remove Maytas directors - Feb 17, 2009
- Government to remove two Maytas firms' directors (Lead) - Feb 18, 2009
- Maytas Infra to contest government move to remove directors - Feb 18, 2009
- Maytas Infra files criminal case against Vedanta - Feb 26, 2009
- Nod for four government directors on Maytas Infra board - Mar 05, 2009
- Salman Khurshid assures Maytas' NRIs investors of government help - Jan 07, 2010
- Maytas denies receiving funds from Satyam - Jan 20, 2009
- Ramalinga Raju admits to diverting Satyam money - Jan 21, 2009
- IL&FS to be new promoters of Maytas Infra (Lead) - Aug 31, 2009
- Raju's family firms deny receiving funds from Satyam (Lead) - Jan 20, 2009
- Maytas board approves corporate debt restructuring package - Apr 29, 2009
- IL and FS to be new promoter of Maytas Infra Limited - Aug 31, 2009
- Satyam can remain afloat on its own: Pranab Mukherjee - Feb 19, 2009
- Third day of questioning for Satyam's Raju - Jan 20, 2009
Tags: central government, chairman of the board, chand, corporate affairs, diversion, evidences, fraud investigation, government agency, gupta, investigation office, maytas properties, money laundering, New Delhi, nominee directors, petition, punitive action, ramalinga, satyam computers services, scandal, union minister