Government appoints 2 directors on Maytas Infra board
05 March 2009
The government today appointed two nominees - former ICAI president Ved Jain and noted tax lawyer O P Vaish - on the boards of Maytas Infra, a company promoted by the kin of Satyam Computer Services founder B Ramalinga Raju.
Jain will be also be on the board of Maytas Properties, an unlisted real estate firm having various housing and office projects on hand.
''Two other directors, including chairman of Maytas Infra, will be appointed later," corporate affairs minister P C Gupta said, later.
The announcement came within hours of Company Law Board (CLB) orders directing the appointment of four government representatives on the board of Maytas Infra.
While partly allowing the government petitions, CLB, however, ruled against supersession of the companies' boards of directors.
The government had filed two petitions seeking removal of the boards of the two firms to "prevent mismanagement and enable transparency in their functioning".
The government had also ordered a probe into the affairs of the twin Maytas companies by the Serious Fraud Investigation Office (SFIO).
Maytas Infra, a listed real estate firm, which is executing major projects worth Rs6,800 crore, including Hyderabad Metro Rail.