Infrastructure Leasing and Financial Services (IL&FS) has replaced the B Ramalinga Raju family as the promoter of Maytas Infra Ld, the sister concern of the crisis hit Satyam Computer Services.
The Company Law Board (CLB) has allowed an application by Maytas Infra to hand over management of the company to IL&FS, corporate affairs minister Salman Khurshid said.
The CLB has also asked IL&FS, which holds 14.5 per cent of Maytas's shares, to foreclose its rights on the pledged shares of 22.6 per cent shares and thus to hold 37.1 per cent shares in the company.
Also, IL&FS will have to bring in up to Rs55 crore as liquidity support to the company within a period of three months. The order also asks IL&FS to continue to hold a minimum of 26 per cent shares in the company for a period of not less than two years and to keep management control of the company during that period.
Passing the order, the principal bench of the Company Law Board today said IL&FS will appoint four of its nominees on the Maytas board, including the chairman, and replace the two existing directors - Teja Raju and B Narsimharao - with immediate effect.
However, two of the four CLB nominees appointed by the government to the Maytas board will continue as directors for a period of two years, the order states.