labels: Management - general
Maytas seeks confirmation from 2 government nominee directors news
13 March 2009

Pursuant to the receipt of the confirmation from the ministry of corporate affairs about the appointment of the two government nominees on board,  Maytas Infrastructure Ltd  has requested the government-appointed directors on its board - OP Vaish and Ved Jain - to furnish their consent and declarations.

The company had earlier informed the Bombay Stock Exchange (BSE) of the receipt of the copy of the order issued by the under secretary to the Government of India, ministry of corporate affairs, confirming the appointment of O P Vaish and Ved Jain as directors of the company.

"We have requested the concerned directors to furnish their consent and other declarations as may be required," Maytas said in its filing with the BSE.

Jain is former president of the Institute of Chartered Accountants of India (ICAI) while Vaish is a noted tax lawyer. Their appointment follows the Company Law Board's nod for appointment of four new directors on Maytas Infra board, including a chairman.

The government had, last month, sought CLB's approval for superseding the boards of Maytas Infra and Maytas Properties – two firms promoted by the kin of disgraced Satyam founder B Ramalinga Raju - to prevent mis-management of the firms.

"The details regarding further appointment of remaining two directors by the CLB would be issued separately," the filing added.

The government-appointed nominees on the board of Maytas Infra will meet this month to decide the future course of action to salvage the financially stressed infrastructure firm.

Maytas Infra is run by B Teja Raju, the elder son of B Ramalinga Raju, the disgraced founder chairman of fraud-hit Satyam Computer Services.

The four-member board of Maytas Infra-including the two existing directors on the board of the company-will meet for the first time in Hyderabad even as its awaits the appointment of two more government representatives.


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Maytas seeks confirmation from 2 government nominee directors