IL&FS new promoter of Maytas Infra: CLB

IL&FS has emerged as the new promoter of Maytas Infra, a company founded by Satyam’s disgraced founder B Ramlinga Raju’s family.

The Company Law Board (CLB) had received a proposal from IL&FS Financial Services (IL&FS) to enhance its ownership in Maytas Infra and substitute the promoter of the company by acquiring management control in the same.

The said proposal of IL&FS was referred by the board of directors of the CLB during its meeting held on August 31, 2009.

Following this, the CLB has instructed Maytas Infra to induct IL&FS as new promoters and allowing them to assume management control through appointment of four directors including the chairman.

IL&FS is expected to infuse Rs 55 crore worth of fresh funds into the crisis-hit company.