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ILFS nominates directors for Maytas

October, 22nd 2009
Infrastructure Leasing and Financial Services Ltd the new promoter of troubled Maytas Infra has announced employee stock options and formal management of the company it got control of recently. The company announced its four nominees on the board of Maytas Infra who would replace the government nominees. IL&FS, the company that had worked closely with Maytas both as a stakeholder and a partner in key infrastructure projects became the new promoter after the Company Law Board ruled in its favor on August 31st. CLB asked IL&FS to increase its holding to 37% by invoking a 22.6% stake pledged with it by Maytas promoters. Following this, IL&FS has also made an open offer to buy an additional 22% stake of the company. IL&FS nominated its chairman Mr Ravi Parthasarathy along with Mr Hari Sankaran, Mr Arun Saha and Mr K Ramchand on the board of Maytas. In a media statement on the ESOPs It is to ensure that the team is incentivised to achieve sound operating results.