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Infrastructure major IL&FS has replaced the B Ramalinga Raju family as promoters of crisis-hit Maytas Infra and will pump in Rs 55 crore (Rs 55 million) to revive the company.
"IL&FS will be the new promoter of the Maytas Infra", announced Salman Khurshid, minister, corporate affairs said.
IL&FS, the largest shareholder in the Maytas Infraholding with about 37.1 per cent shares, has been permitted to appoint four directors including the chairman, said the Company Law Board (CLB) order passed earlier in the day.
Following the appointment of the new directors, Teja Raju, son of Satyam Computer Services' tainted-founder B Ramalinga Raju and Maytas promoter-director hitherto, will quit the board along with another director B Narasimha Rao.
As regards the four government directors on the board of Maytas, Khurshid said the government will recall two of its nominees, while the rest would continue.
Earlier, in pursuance of a CLB order, the government had appointed four nominee directors on Maytas board K Ramalingam, Ved Jain, O P Vaish and Anil K Agarwal to revive the company that was hit by an accounting scam in Raju-founded Satyam Computer. Maytas lost several orders, including the Hyderabad Metro project.