Infrastructure Leasing & Financial Services Ltd. (IL&FS) will be the new promoter of Maytas Infra Ltd., Union Corporate Affairs Minister Salman Khurshid said here on Monday.
IL&FS would have to bring in up to Rs. 55 crore as liquidity support to the company within three months, while for the next two years, it would hold a minimum of 26 per cent shares in Maytas Infra and keep its management control, the Minister said quoting a Company Law Board (CLB) order.
In its order, the CLB allowed the application of Maytas Infra to hand over the management of the company to IL&FS. The CLB order said: “IL&FS shall be the new promoter of the company with immediate effect and that it shall appoint four of its nominees, including the Chairman, on the board of directors of the company; and will be in control of the management of the affairs of the company.”
New date for AGM
The CLB has asked Teja Raju (son of Satyam Computer Services’ founder B. Ramalinga Raju) and B. Narsimharao to submit their resignations as directors, while two of the four CLB nominees appointed by the Centre will continue as directors for two years. The CLB has also asked Maytas to submit a quarterly report on the affairs of the company to the two government nominated directors.
It has also extended the date for the annual general meeting of the company to December 31, 2009.
Referring to the four government directors on the Maytas’ board, Mr. Khurshid said the government would recall two of its nominees, while others would continue. The Minister denied that there was any evidence of Satyam money flowing into Maytas. However, there were possibilities of money having gone from Maytas to Satyam, he added.
Maytas Infra went into turmoil after Satyam Computers’ bid to acquire it failed and the scam in the IT major was unearthed.