CLB refuses to supersede Maytas board

The Company Law Board has provided a lease of life to Maytas Infra by suggesting that the board of the company need not be superseded immediately.

The Company Law Board (CLB) has provided a lease of life to Maytas Infra by suggesting that the board of the company need not be superseded immediately. The CLB, however, has sought a reply from Maytas Infra by Friday.

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It has, meanwhile, favoured appointment of government nominee on the board of Maytas Infra. In addition, lenders like IDBI Bank and ICICI Bank have also been allowed to appoint their representatives on the board of the company. A final decision on the case would be taken after hearing the Maytas Infra plea on Friday.

The CLB order for Maytas Properties is also expected by next week.

The government, which stressed that the boards of both MPL and Maytas Infra would be superceded, had referred the case to the CLB. PC Gupta, minister of corporate affairs, said: “CLB is handling the issue and we hope that the orders would come soon.”