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Maytas to approach Company Law Board again for induction
September, 24th 2010

Maytas Infra on Thursday said it would file a review petition with the Company Law Board which recently rejected the company's proposal to induct four directors of Saudi Bin Ladin Group on its board.

"We are studying the circumstances under which the orders have been passed (by CLB). We are in touch with the government and we will probably file a petition with the CLB again. The government has also filed an affidavit indicating its full support," Ravi Parthsarathy, chairman IL&FS told reporters on the sidelines of company's Annual general meeting held on Thursday.

CLB had rejected the company's application to induct four directors of SBG on its board last month.

Meanwhile, responding to a query on the One-time settlement with banks, he said the settlement has been reached with seven banks and it would be finalised soon with the remaining two- BNP Paribas and Standard Chartered Bank.

The company, taken over by IL&FS in the aftermath of Satyam scam, had negotiated with its lenders for a viable package as part of debt restructuring program. Nine banks had accepted one-time settlement of Rs 400 to Rs 450 crore.

He said the pricing of the debt has been reduced to seven per cent in the first year and in the second and third year it will be increased by which time he hoped that the company would be able to afford to pay higher rate.

Speaking about the dispute involving Rs 323 crore Inter Corporate Deposits (ICDs), he said the company is hopeful that Mahindra Satyam would acknowledge the liability towards Maytas in its re-audited financial results, which will be announced on September 29.

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