Law Board boss in net for graft

Acting chief Vasudevan caught taking Rs 7 lakh.

The man who spearheaded the Satyam fraud, which had rocked the corporate world early this year, was booked by the Central Bureau of Investigation (CBI) for allegedly accepting bribe.

The country’s premier investigating agency has taken into custody R Vasudevan, the acting chairman of the Company Law Board (CLB), for allegedly accepting Rs 7 lakh from a company secretary whose case is being heard by the board.
 

RECENT CLB VERDICTS

Mar-09

Maytas Infra on reconstitution of board
Jagatjit Industries family feud on differential voting rights

Apr-09

Satyam Computer Services on nomination of directors

Jun-09

Orissa Sponge Iron & Steel v/s Bhushan Group on conversion of warrants into shares

Nov-09

Zenotech v/s Ranbaxy on board appointments

CLB is a quasi judicial body for corporate India and its verdict can only be challenged in high courts. CBI also arrested the company secretary, identified as Manoj Banthia, who is known to be associated with a leading Indian language daily. Both were produced before the designated court at Delhi today.

The incident comes at a time when the Ministry of Corporate Affairs is gearing up to celebrate its increased confidence in corporate India by observing a National Corporate Week next month.

CBI said the agency held Vasudevan and the company secretary red handed at the CLB member’s official residence in Delhi. "The accused demanded gratification in return for favourable orders in a case being presided over by him," said CBI.

Vasudevan is the only nominee from the Ministry of Corporate Affairs in the board. He joined CLB on August 5. Earlier, he was a director handling inspections and investigations in the ministry.