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| IL&FS nominates directors for Maytas |
| BS Reporter / Mumbai Sep 30, 2009, 00:53 IST |
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Infrastructure Leasing and Financial Services Ltd (IL&FS), the new promoter of troubled Maytas Infra, has announced employee stock options and formal management of the company it got control of recently. The company announced its four nominees on the board of Maytas Infra who would replace the government nominees.
IL&FS, the company that had worked closely with Maytas, both as a stakeholder and a partner in key infrastructure projects, became the new promoter after the Company Law Board ruled in its favour on August 31. CLB asked IL&FS to increase its holding to 37 per cent by invoking a 22.6 per cent stake pledged with it by Maytas promoters. Following this, IL&FS has also made an open offer to buy an additional 22 per cent stake of the company.
IL&FS nominated its chairman Ravi Parthasarathy, along with Hari Sankaran, Arun Saha and K Ramchand on the board of Maytas. In a media statement on the ESOPs, it said, “It is to ensure that the team is incentivised to achieve sound operating results.”
The stock of Maytas infra closed 1.45 per cent lower, at Rs 132.6 a share, on the Bombay Stock Exchange on Tuesday.
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