Govt to induct 4 nominees on Maytas Infra board

The Company Law Board (CLB) passed an order on Maytas Infra Ltd. and Maytas Properties Ltd., the two companies promoted by B. Ramalinga Raju, the tainted founder of IT major Satyam Computer Services Ltd. It asked the Government to appoint four nominees on Maytas Infra's board. One of the government's nominee members will be the chairman of Maytas Infra, the CLB said. The Government will have majority representation on Maytas Infra board. The new Maytas Infra board should give a monthly report to the Government, beginning the first week of April, the CLB said in its order. No government agency should initiate any criminal or punitive action against these nominee directors without the prior approval of the CLB, it added. The new Maytas Infra board cannot meet without at least two government nominees, the CLB said. The CLB, which turned down the Centre's petition to supercede Maytas Infra's board, also asked the Government to appoint one director on Maytas Properties' board.