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| Govt approaches CLB to recall 6 directors from Mahindra Satyam | |
| Press Trust of India / New Delhi July 02, 2009, 21:45 IST | |
The government is learnt to have approached the Company Law Board (CLB) to recall its six directors from the board of scam-hit IT firm Mahindra Satyam (earlier Satyam Computer).
According to highly placed sources, the government today moved an application before the CLB seeking recall of its six directors it had appointed in January.
The CLB is expected to pass its order on the government's move by tomorrow.
The CLB in January appointed Kiran Karnik, Deepak Parekh, C Achuthan, Tarun Das, S Balakrishna and T N Manoharan on the board of Satyam soon after its founder Chairman B Ramalinga Raju admitted to over Rs 7,800-crore fraud and manipulating of accounts leading to collapse of the company.
In April, Tech Mahindra, through auction, bought 31 per cent stake in the company paying Rs 1,756 crore.
It later appointed four directors on the board of Mahindra Satyam, including C P Gurnani, Sanjay Kalra, Ulhas N Yargop, who joined the IT firm's board on May 1.
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