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Govt-nominated directors to continue on Maytas
September, 24th 2009

Maytas Infra, whose reins was recently handed over to construction firm IL&FS, today said the government-nominated directors Ved Jain and Anil K Agarwal will continue on its board for two years.

K Ramalingam and O P Vaish have been withdrawn as Government Directors whereas Anil K Agarwal... and Ved Jain shall continue (to) be the government directors on the board of Maytas Infra, the company said in filing to the Bombay Stock Exchange.

According to sources, IL&FS Chairman Ravi Parthasarthy will be the chairman of the six-member board.

Besides, Parthasarthy Jain and Agarwal, Hari Shankar, Arun Saha and Karunakar Ramchand would be on the board of the Hyderabad-based firm, sources said.

On August 31, the Company Law Board had ordered induction of IL&FS Infrastructure as the new promoter of Maytas Infra which was earlier promoted by B Teja Raju, kin of the disgraced founder of Satyam Computer Ramalinga Raju.

The CLB had also allowed IL&FS to appoint four directors, including chairman, on the board of the company.

The government, pursuant to an earlier CLB order in March, had appointed Ramalingam, Jain, Vaish and Agarwal on the Maytas Infra board to revive the company. Mr. Ramalingam had since functioned as chairman of the company.

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