The CLB principal bench, headed by chairman S Balasubramanian, has suggested the Maytas' board should retain its current board and also have government-nominated independent directors. The bench also hinted giving board representation to its lenders, IDBI Bank and ICICI Bank. However, it was against giving a board seat to IL&FS, as the financial institution had given loans to the promoters against pledging of shares.
The directors who have come under the Company Law Board order are former chairman and founder of Satyam B Ramalinga Raju, erstwhile whole-time directors B Rama Raju and Rammohan Rao Mynampati, former CFO Srinivas Vadlamani and CS G J Jayaraman. They also have to submit details of their bank accounts and movable and immovable properties in India and abroad by February 20 this year.
They also assured the CLB that in case of any settlement reached between the brothers, they would inform the Board. Following this, the Board adjourned the matter to January for the next hearing. Emerging from the hearing, the counsel representing Rahul Bajaj told PTI that their side informed the CLB that the talks between the brothers were still going on.
McDonald's has argued that the dispute with its Indian joint venture partner Vikram Bakshi should be referred to arbitration as per the clauses of their agreement.
Vikram Bakshi on Friday offered to sell his 50 per cent stake in Connaught Plaza Restaurants, the joint venture with McDonald's that operates fast-food restaurants in north and east India, for Rs 1,800 crore (Rs 18 billion).
Bakshi rejects McDonald's proposal to buy his stake in JV for Rs 48-50 crore
Telenor 'yet again surprised', says will challenge order in a higher court
Food chain rejects Bakshi's offer of Rs 1,800-cr for stake; CLB gives it till Nov 25 to make a counter-offer.
The Company Law Board (CLB) on Thursday allowed infrastructure finance company IL&FS to take over Maytas Properties, a company promoted by the family members of disgraced Satyam founder Ramalinga Raju.
Following the CLB nod, the company can also publish the June 2010 quarterly numbers with the September quarter results.
Acting chief Vasudevan caught taking Rs 7 lakh.
Three financial institutions--IDBI Bank, ICICI Bank and IL&FS Ltd--that have lent money to Maytas Infra informed the Company Law Board on Friday that they are not interested in board membership in the Hyderabad-based firm.
More than 19 per cent of 13.70 lakh registered companies in the country closed operations till the end of last year, with largest shutdowns happening in Maharashtra, West Bengal and Delhi.
Infrastructure major IL&FS has replaced the B Ramalinga Raju family as promoters of crisis-hit Maytas Infra and will pump in Rs 55 crore (Rs 55 million) to revive the company.
Market regulator Sebi is likely to approve the Satyam Board-formulated framework to induct a strategic investor.
The government has used provisions under Section 388 of the Companies Act to push its intent to appoint 10 nominees on the Satyam board. The section provides for a change of management in case the existing personnel are found to be guilty of fraud, malfeasance, persistent negligence or default in carrying out their obligations and functions under the law, or for breach of trust.
This is in the backdrop of the arrest of R Vasudevan, the seniormost CLB member, on November 24. This has left the board with just two members to hear the pending cases that run into thousands.
Midas Touch, a consumer protection organisation, filed a petition before the Consumer Commission seeking compensation for the retail investors of Satyam who had suffered because of the accounting fraud perpetrated by the founder of the Hyderabad-based IT company, B Ramalinga Raju, for years.
B K Modi-promoted Spice Corp on Friday said it is withdrawing from bidding "for the moment" for Satyam Computer alleging non-transparency, multiple short-listing process and lack of clarity in the selection criteria.
This is one question that's uppermost in the minds of analysts, marketmen and industry experts even as the Company Law Board on Thursday gave the scam-tainted IT firm's stake sale plan the go-ahead.
Differences still persist between Rahul Bajaj, his brother Shishir Bajaj and others on the issue of transfer of shares for finalisng the split of the Bajaj group, the Company Law Board has been informed by the lawyers.
Even as the Bajaj imbroglio comes up for hearing before the Company Law Board (CLB) on October 23, there is every indication that this might turn out to be the longest-running family feud of all times.
The legal battle for control of Haldia Petrochemicals Ltd took a new twist on Wednesday when The Chatterjee Group contended before the Company Law Board that 15.5 crore (Rs 155 million) shares of the company were unaccounted for.
With the Company Law Board rejection both the applications filed by Ketan Parekh group of companies on the stock market scam of 2001.
In a relief to R S Lodha, the Company Law Board on Monday dismissed a petition seeking investigation into who controls M P Birla flagship company Birla Corporation.
The Company Law Board on Monday adjourned for July 30 the hearings of the main petition filed by BPL Group patriarch T P G Nambiar against the alleged sidelining by his son-in-law and CEO of BPL Communications Rajeev Chandrasekhar in the telecom busi
Birla Corporation has grown from a Rs 1,763-crore company to Rs 3,200 crore; profitability, however, has suffered due to the slowdown.
The recent default on deposit payments by a couple of Yash Birla Group companies has brought to surface difficulties an investor has to face in recovering his money.
Trust explores options on reinduction of ousted founder on board as firm closes ranks.
On February 17, 2009, Satyam case was handed over to CBI.
In his petition to the Company Law Board filed on September 9, Bakshi said McDonald's began 'arm-twisting' him to sell his entire shareholding in Connaught Plaza Restaurants, the equal joint venture between him and McDonald's since 2008, at an 'undervalued' price of $5 million, later raised to $7 million.
Maruti Suzuki India is facing stiff resistance from private sector mutual funds and insurance companies, which own almost 7 per cent of the company, for its decision to allow Suzuki to make cars for the Indian car-maker at a proposed plant in Gujarat instead of manufacturing vehicles itself.
The project is awaiting clearances from the DGCA.
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