ICICI seeks representation on Maytas Infra board

ICICI Bank has approached the Corporate Affairs Ministry seeking representation on the board of Maytas Infra, a company promoted by the kin of disgraced Satyam founder Ramalinga Raju.

The bank, ministry sources said, is keen to have its representation on the board of the cash-strapped company, which recently approved the corporate debt restructuring plan with a view to revitalising the company.

Besides IDBI Bank, State Bank of India and IL&FS, ICICI Bank is a major lender to the Maytas Infra.

ICICI Bank, when contacted, refused to comment on the development.

The request of ICICI Bank would be examined by the Corporate Affairs Ministry, sources said, adding the final decision will be taken by the Company Law Board (CLB).

While hearing the petition of the government in the Maytas Infra case in February, the CLB asked ICICI Bank and other financial institutions whether they wanted a representation on the company board.

At that time all the three financial institutions -- IDBI Bank, ICICI Bank and IL&FS -- told the CLB that they were not interested in board membership of the Hyderabad-based company.