Govt appoints nominees on boards of Maytas cos

The government today appointed former ICAI President Ved Jain and noted tax lawyer O P Vaish on the board of Maytas Infra, a company promoted by the kin of Satyam Computer founder B Ramalinga Raju.

Ved Jain has been appointed director on the board also of Maytas Properties, another company promoted by the Raju family.

Briefing newspersons, Corporate Affairs Minister Prem Chand Gupta said, "Two other directors including chairman of Maytas Infra will be appointed later."

Earlier, the Company Law Board (CLB) allowed the government to appoint four directors on the board of Maytas Infra and one on the board of Maytas Properties.

Partly accepting the petitions of the government, the CLB said that four nominee directors on the board of Maytas Infra would include chairman.

The government had sought the authorisation of the CLB to supersede the boards of Maytas Infra and Maytas Properties, and appoint ten nominees on each board.

The CLB order further said the two boards would be required to furnish monthly reports on the affairs of the companies to the government as well as the CLB starting from April 2009.