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CLB refuses to supersede Maytas Infra board

CLB refuses to supersede Maytas Infra board
PTI
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First Published: Thu, Feb 26 2009. 04 04 PM IST
Updated: Thu, Feb 26 2009. 04 04 PM IST
New Delhi: The Company Law Board on Thursday refused to supersede the board of Maytas Infra at this point in time, but favoured giving board representation to lenders IDBI Bank and ICICI Bank.
However, it was against allowing a board seat to IL&FS citing conflict of interest.
The CLB has sought reply from Maytas Infra by Friday afternoon.
The government had approached the Company Law Board seeking to supersede the board of Maytas Infra, a concern promoted by the family of Satyam founder Ramalinga Raju.
The government is probing over 300 companies affiliated to the family in connection with the accounting fraud at Satyam.
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First Published: Thu, Feb 26 2009. 04 04 PM IST