Government asks Company Law Board to remove Maytas directors
February 17th, 2009 - 10:36 pm ICT by IANS
New Delhi, Feb 17 (IANS) The government Tuesday moved the Company Law Board to remove the board of directors of Maytas Infrastructure and Maytas Properties, the two infrastructure firms promoted by the family of B. Ramalinga Raju, the disgraced founder of Satyam Computer Services.
Corporate Affairs Minister Prem Chand Gupta said the government had found evidence that the two companies were involved in money laundering, fraudulent accounts and diversion of funds.
The government move comes after the anti-fraud cell, Serious Fraud Investigation Office (SFIO), was asked to probe the links between Satyam and the two Maytas companies.
Ramalinga Raju, his brother B. Rama Raju, Satyam’s former chief financial officer Vadlamani Srinivas and two former auditors are now in prison in connection with the Rs.78-billion (Rs.7,800 crore/$1.43 billion) accounting fraud.
Maytas Properties chief executive K. Thiagarajan had resigned Feb 15 reportedly on health grounds.
Most of the Maytas Infra board had already resigned in January, with the CEO P.K. Madhav putting in his paper Jan 14.
Reacting to the government’s move, Deepak Parekh, a member of the government-appointed board of Satyam, said it was a “move in the right direction”.
“Hope that we are not appointed to Maytas’s firm. Our hands are already full,” he said.
- Government to remove two Maytas firms' directors (Lead) - Feb 18, 2009
- Mahindra Satyam-Tech Mahindra merger put on hold - Feb 14, 2011
- Stage set for Mahindra Satyam's merger - Mar 20, 2012
- Ramalinga Raju admits to diverting Satyam money - Jan 21, 2009
- Government-appointed directors assessing Maytas' health - Mar 19, 2009
- Timeline of events surrounding Satyam Computer - Apr 13, 2009
- Apex court rejects Raju's plea on surrender - Nov 09, 2010
- Supreme Court cancels bail of Raju, five others (Second Lead) - Oct 26, 2010
- Satyam case: no bail for Raju, seven others - Aug 30, 2011
- Mahindra Satyam, Tech Mahindra Ltd merge - Mar 21, 2012
- Maytas board approves corporate debt restructuring package - Apr 29, 2009
- Apex court says no to Raju's plea on surrender (Lead) - Nov 09, 2010
- Maytas Infra to contest government move to remove directors - Feb 18, 2009
- Ramalinga Raju discharged from hospital - Oct 02, 2010
- Former Satyam chief Raju gets bail (Second Lead) - Aug 18, 2010
Tags: accounting fraud, affairs minister, b rama raju, chief financial officer, corporate affairs, deepak parekh, diversion, fraud investigation, government move, gupta, health grounds, investigation office, maytas properties, New Delhi, prem chand, ramalinga, right direction, satyam computer services, srinivas, thiagarajan