The Company Law Board on Thursday approved Tech Mahindra's proposed acquisition of a 31 per cent stake in Satyam Computer and asked the buyer to deposit Rs 1,756 crore for the deal by April 21 in a designated account.
Etisalat's cup of woes is brimming over. The DB group, Etisalat's partner in India, on Monday moved the Company Law Board (CLB) against the UAE-based company.
The company had issued 2.66 million shares to its employees.
After signing the agreement documents on Tuesday night, the Shishir and Rahul Bajaj factions submitted the consent terms of the settlement to the Company Law Board on Wednesday and withdrew the petition.
Satyam Computer has approached the Company Law Board (CLB) to seek approval for acquisition of IT firm by Tech Mahindra.
'The company (Mahindra Satyam) is authorised to issue and allot 19,86,58,498 (approximately 198.66 million) equity shares of Rs 2 each at the premium of Rs 2.50 to Venturebay,' said CLB Chairman S Balasubramanian, allowing Mahindra Satyam's application requesting permission to issue equity. Mahindra Satyam (earlier Satyam Computer) had moved the CLB after Venturebay failed to subscribe to 20 per cent of Satyam's shares from the open market.
Maytas Infra Ltd will again petition the Company Law Board to allow it to induct the Saudi Binladen Group (SBG) as its strategic partner, according to IL&FS and Maytas' chairman, Ravi Parthasarathy.
The Company Law Board on Thursday completed the formality of approving the induction of Venturbay, a subsidiary of Tech Mahindra, as the strategic investor to acquire a 31 per cent stake in Satyam Computer Services and asked it to deposit Rs 1,756 crore for the deal by April 21 in a designated account.
After hearing a petition filed by Satyam on Wednesday, CLB ordered that the company could conduct an open transparent auction process for inducting a strategic investor.
Giving relief to the scam-hit Satyam Computer, the Company Law Board (CLB) on Thursday extended time limit for the IT company to declare quarterly financial results and file statutory documents up to December 31, 2009.
The government on Tuesday moved the Company Law Board to remove the current directors of Maytas Infrastructure and Maytas Properties from their respective boards and declare them ineligible for appointment as directors of any other company. The CLB will consider the matter on February 24.
While warning that many key clients and employees have threatened to quit the company due to its bad financial position, the government-appointed board of Satyam Computer also sought CLB's nod for allotment of preferential equity and increasing its authorised capital to Rs 120 crore (Rs 1.2 billion). The petition has been admitted by CLB, which would continue its hearing on Thursday.
The Company Law Board on Thursday asked the warring Bajaj brothers - Rahul and Shishir - to prepare a report on the areas of dispute that are holding up a mutually acceptable agreement for splitting the business empire.CLB chairman S Balasubramanian, who is hearing arguments by the two sides, also sought to know the points of difference over which they terminated last month their Memorandum of Understanding (MoU) drafted for division in the group.
A group of 11 members from the family which comprises the shareholders has moved the Company Law Board against the majority decision of the board of directors to remove N Ravi, editor, and Malini Parthasarathy from the editorial board.
The western region bench of the Company Law Board has rejected a petition filed by the co-promoters of Zandu Pharmaceuticals Works opposing an alleged take-over bid by rival Emami, saying it has no jurisdiction in this issue and adding that the Securities and Exchange Board of India needed to intervene.
The Ministry of Corporate Affairs has suggested that Satyam Computer deposit the salary of directors nominated to its board by the government after a multi-crore accounting fraud was exposed at the IT firm in the government treasury.
The government on Wednesday said it will not relook at the investigations handled by arrested Company Law Board member R Vasudevan, when he was heading the inspection department of the ministry of corporate affairs.
For the Company Law Board, 2009 was a case of fence eating the crop, as the quasi-judicial body that was looking into the affairs of fraud-hit Satyam Computer saw its acting Chairman accused of graft.
The remaining two directors would continue to remain with the board for a period of three years and will not be counted in the maximum number of the directors that the company can have as per its Articles, the CLB order said.
Banking industry sources said the move by the lender is pre-emptive to protect its interest.
Shree Rama Multi Tech Ltd said Company Law Board dismissed a petition filed against the company by HSBC Private Equity India Ltd, a foreign equity investor.
Mahindra Satyam, the erstwhile Satyam Computer Services, has sought time until September 30 from the Company Law Board (CLB) to file financial statements.
The estranged Indian partner of McDonald's, Vikram Bakshi, on Thursday offered buying out the US food major's stake in their joint venture Connaught Plaza Restaurants.
Vikram Bakshi, the estranged partner of fast-food chain McDonald's, will seek reinstatement as managing director of the 50:50 joint venture Connaught Plaza Restaurants, with a plea to the Company Law Board seeking the 'deadlock' in the August 6 board meeting be resolved.
The Company Law Board has asked Satyam's interim management for not implementing the decisions of the board, but has allowed it to continue its business, a senior executive of the firm said in Hyderabadon Saturday.
Finance Minister Jaswant Singh assured the Rajya Sabha that no employee of the Board for Industrial and Financial Reconstruction and Company Law board would be retrenched when these were disbanded and merged into National Company Law Tribunal.
Lenders have thrown their hat into the Haldia Petrochemicals Limited case with Industrial Development Bank of India moving the Calcutta high court against the Company Law Board order on share transfer to the TCG firm.
Board meetings of two holding companies stayed.
Key members of the family and directors on the board of Kasturi & Sons, who are opposed to the Editor-in-Chief and Publisher of the group publications, N Ram, are considering moving the Company Law Board (CLB) over issues about the running of the group.
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