New Delhi/Mumbai: The government on Tuesday moved Company Law Board, or CLB, to restrain all current directors of Maytas Infra Ltd and Maytas Properties Ltd from acting as directors in any other companies.
“The government has also moved CLB to restrain these directors from alienating, mortgaging, creating charges or liens or interest in the properties and asset owned or controlled by them without the permission of the CLB,” minister for corporate affairs Prem Chand Gupta said on Tuesday.
The government has also requested The CLB for nomination of government directors on the boards of these companies. The CLB will next meet on 24 February. The CLB is a quasi-judicial body which looks into affairs of companies registered in India.
Meanwhile, financial institutions such as IL&FS Ltd and Sicom Ltd have approached the government to supercede the board of Maytas Infra. The company had borrowed from these financial institutions, but details of this was not immediately available.
Separately, India doesn’t plan to investigate any other software companies following its inquiry into an admission of fraud by Satyam Computer Services Ltd’s former chairman and the sacking of the board by the government.
There is no proposal or recommendation to investigate the working of several information technology companies, company affairs minister Prem Chand Gupta said in written replies to questions in Parliament on Tuesday.
Satyam’s government-appointed board has been seeking to rescue the company and is considering bids from several suitors including Larsen and Toubro Ltd, which has a 12% stake.
The company won’t be bailed out by the government, Gupta said.
—Staff writer and Bloomberg
Pay hike for Infosys staff to be below 10%
Bangalore: Employees of Infosys Technologies Ltd may get pay hikes below 10% this year, the company’s chief financial officer S D Shibu Lal said.
“Right now there is not much expectation. Employees are given increment (generally) in April. In 2008-09 overseas employees received a pay hike of 14 to 15 per cent while onsite employees received a four to five per cent hike,” Lal said on the sidelines of a meet organised to announce Infosys India Prizes.
He added that “this year, the hikes will be lower, maybe in single digits (in percentage terms)”.
Tata Housing: projects to be completed on time
New Delhi: Tata Housing Development Co. on Tuesday assured its customers of timely completion of projects despite slowdown in the property market.
At present, Tata Housing is developing two residential projects at Bangalore and Gurgaon, which are planned to be ready for possession by December 2010 and June 2011, respectively.
“We, at Tata Housing, are committed to make landmark projects in terms of quality with timely construction, execution and delivery schedules, be it in these difficult times as well,” managing director Brotin Banerjee said in a statement.
Spencer’s Retail to focus on private labels
New Delhi: RPG Enterprises’ retail arm Spencer’s Retail is planning to add more products under its private label portfolio, with an aim to increase its footprint in diversified categories, including food, fashion, home and entertainment.
“Our aim is to increase the overall volume and portfolio of private labels (in-house products) in fashion and home segments and have a 20-25% share in food and entertainment categories within the next two years,” a Spencer’s Retail official said.
Mobile phone makers agree on single charger
Barcelona: Leading mobile phone manufacturers announced on Tuesday they had agreed to produce a standardised charger for the industry in a move set to save money for consumers and reduce waste.
Currently, each mobile phone maker has its own charger design, sometimes using several across different models, which increases replacement costs for users and leads to unwanted cables when a consumer swaps brands.
In a small move set to make this aspect of modern life easier, industry body the GSM Association said that leading manufacturers had agreed to link up to resolve the problem.
India Infoline gets nod for housing finance unit
Mumbai: Financial services firm India Infoline Ltd said on Tuesday it has got licence for its housing finance subsidiary from the National Housing Bank, the regulator for housing finance firms. The approval for India Infoline Housing Finance Ltd would help in diversifying the firm’s consumer finance portfolio, which was at Rs840 crore as of December, it said.