IL&FS to call shots at Maytas

Nov 02, 2010 |

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New Delhi, Nov. 1: Maytas Infra on Monday assured the Company Law Board (CLB) that the management control of the firm will remain with IL&FS, notwithstanding the induction of four nominees of Saudi Bin Ladin Group (SBG) on the Board.

Maytas Infra on Monday furnished an undertaking by SBG before the CLB to this effect. “Notwithstanding anything contained in shareholder’s agreement, the control of management of Maytas Infra will continue to remain with IL&FS,” the SBG submitted in its affidavit. CLB has reserved its order on the issue.

On being asked by CLB chairman Justice D.R.Deshmukh whether they are satisfied with the appointment of SBG directors on Maytas Infra board, officials of the ministry of corporate affairs said they had no objection to the move.

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