The Government's attempt to replace the board of Maytas Infra, the company run by the elder son of Satyam founder B Ramalinga Raju suffered a setback after the Company Law Board (CLB) said it saw no mismanagement there. It also suggested the naming of new independent directors to represent lenders - IDBI Bank and ICICI Bank. The CLB also said that it would not allow IL&FS, which owns a 37% stake in Maytas Infra, to get a seat on the board because it is a competitor. The Government had, on February 17 filed a petition in CLB for permission to supersede Maytas Infra's board and replace it with its own nominees. CLB continued hearing on the petition on Friday as well.
Saturday, February 28, 2009
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