CLB refuses to supecede Maytas board

The Government's attempt to replace the board of Maytas Infra, the company run by the elder son of Satyam founder B Ramalinga Raju suffered a setback after the Company Law Board (CLB) said it saw no mismanagement there. It also suggested the naming of new independent directors to represent lenders - IDBI Bank and ICICI Bank. The CLB also said that it would not allow IL&FS, which owns a 37% stake in Maytas Infra, to get a seat on the board because it is a competitor. The Government had, on February 17 filed a petition in CLB for permission to supersede Maytas Infra's board and replace it with its own nominees. CLB continued hearing on the petition on Friday as well.