Government dissolves Maytas Infra board
February 17th, 2009 - 10:39 pm ICT by ANINew Delhi, Feb 17 (ANI): The government on Tuesday approached the Company Law Board and requested it to supersede the board of Maytas Infrastructure and Maytas Properties.
The directors of both the companies will now be ineligible from directorship in other companies.
Government will nominate new directors for Maytas Infra and Properties.
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 company’’s 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.
The government has found evidence that the two companies are involved in the Satyam scandal, which entails fabrication of accounts, money laundering, round-tripping of money and fraudulent diversion of funds, Gupta said.
A Joint Parliamentary Committee enquiry into the case may be conducted only after consensus of all parties, Gupta added. (ANI)
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- Nod for four government directors on Maytas Infra board - Mar 05, 2009
- Raju's family firms deny receiving funds from Satyam (Lead) - Jan 20, 2009
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- New Companies Act will prevent more Satyams: P.C. Gupta - Feb 25, 2009
- Salman Khurshid assures Maytas' NRIs investors of government help - Jan 07, 2010
- Ramalinga Raju admits to diverting Satyam money - Jan 21, 2009
- Mahindra Satyam-Tech Mahindra merger put on hold - Feb 14, 2011
- Serious Fraud Investigation Office to probe Satyam-Maytas nexus - Jan 19, 2009
- Satyam's Raju surrenders, government steps in to rescue IT bellwether (Second Intro Roundup) - Jan 10, 2009
Tags: chand, consensus, corporate affairs, directorship, diversion, enquiry, evidences, fraud investigation, gupta, infrastructure, investigation office, maytas properties, money laundering, New Delhi, parliamentary committee, satyam, scandal, union minister
