The bid-pack for potential investors is ready and the government-appointed board has already sent it to the Company Law Board and Securities Exchange Board of India, according to sources close to the development.
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.
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.
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.
Satyam Computer has approached the Company Law Board (CLB) to seek approval for acquisition of IT firm by Tech Mahindra.
Tech Mahindra, the highest bidder for Satyam Computer Services, has tied up Rs 875 crore funding from mutual funds and insurance companies and is in talks with banks to mobilise Rs 1,000 crore bridge loans.
In a written answer to Lok Sabha, Minister of Corporate Affairs Prem Chand Gupta said investigation reports have been received in 23 cases and instructions issued to Serious Fraud and Investigation Office to prosecute the concerned persons. Investigations against four entities having links with Parekh - Triumph securities, Nakshatra Softwares, Goldfish Computers and Luminant Investrade - have been completed.
In a filing to the Bombay Stock Exchange, Maytas Infra said a meeting of the board of directors of the company will be held on Thursday to appoint Vaish and Jain as directors of the company in accordance with the order of the Company Law Board. Former ICAI president Ved Jain and noted tax lawyer O P Vaish were named as new board members of Maytas Infra following CLB directing the government to appoint four nominee directors, including a chairman, on the company's board.
The arguments were made by the government before the CLB, which is considering a petition by the government for removal of the board of Maytas Properties. The CLB is likely to pass the order later. The government also alleged that the valuation of Maytas Properties by the consultancy firm was done in a day.
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.
In the case of Satyam Computer Services, L&T had acquired 8 per cent stake after the company's founder B Ramalinga Raju admitted to fraud, and had demanded representation on the company's board. The plea, however, did not find support. The promoters of Maytas had pledged shares with the two institutions and Sicom to raise funds.
'And he was really trying just to do the best by the shareholders, and by the laws of India.'
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.
The warring Bajaj brothers, Rahul and Shishir, have finally decided to terminate a family settlement agreement after prolonged peace talks for which they had also sought additional time from Company Law Board.
An out-of-court settlement for division of the Bajaj empire appears unlikely anytime soon, with patriarch Rahul Bajaj accusing younger brother Shishir on Thursday of raising additional demands that cannot be met.
Delhi HC has stayed CLB order against Essel group's bid on UNI. The tranfer of shares too has been termed null and void.
Tech Mahindra would pay Rs 1,756 crore (Rs 17.56 billion) before the deadline of April 21 for acquiring 31 per cent stake in Satyam Computer for which it got the approval from the Company Law Board 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.
Bakshi had moved the application under Section 9 of the Conciliation and Arbitration Act, dealing with foreign arbitration and foreign tribunals.
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 government has accused Premier Automobiles Ltd Managing Director M V Doshi of far out stepping his authority and selling the company's assets, besides embezzling funds and cheating shareholders.
Shishir, Rahul factions dissent over all-important chairmanship.
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.
Board meetings of two holding companies stayed.
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.
The Income-Tax department will have a say in mergers, demergers and amalgamations in 2006-07, with the Registrar of Companies (RoC) referring the first set of cases for clearance to the department.
The battle for control of the erstwhile Royal Palace of Jaipur between Queen Mother Gayatri Devi and her grandchildren continued to be fought before the Company Law Board.
Rahul Bajaj's attempts to induct his cousin Niraj Bajaj and son Sanjiv Bajaj on the boards of Bajaj Sevasram and Jamnalal Sons -- the two group holding companies -- has hit a wall.
The Delhi high court has ordered status quo in a dispute between two brothers for management of Hotel Ashok Yatri Niwas, one of the hotels sold off by the previous NDA regime in 2002 as part of its disinvestment programme.
BPL Group patriarch T P G Nambiar's equity stake in his son-in-law Rajeev Chandrasekhar-run telecom and communications division, BPL Innovation, is only 7 per cent and he has "no economic interests" in this division of the Group, Counsel for Chandras
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