Government to take control of Maytas Properties

The government has moved the Company Law Board (CLB) seeking supercession of the boards of Maytas Infra and Maytas Properties, firms controlled by the kin of Satyam founder B Ramalinga Raju.

To ensure properly functioning of the two firms, the government has sought the CLB’s approval to nominate government directors on both companies’ boards.The move was initiated as the biggest lender led by ILF&S has demanded suppression of the board fearing risk of debt the companies owe to them.

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