The Company Law Board has said that the two Maytas companies ? Maytas Infra and Properties ? are not keeping it in the loop since they have not submitted any report on the affairs of the companies. The boards were supposed to submit a monthly report to CLB in the first week of each month, starting from April 1, 2009.
S Balasubramanian, Company Law Board chairman told FE, ?We have not received any reports from the two Maytas companies which they were supposed to send by the first week of April. We have written to these companies asking them for a clarification.?
CLB had asked the government to appoint four directors on the board of Maytas Infra and one on the board of Maytas Properties. The government had earlier urged the CLB to supersede the board of the Maytas companies after investigations pointed out a nexus between Satyam and the twin companies and to prevent mismanagement of the affairs of the companies by the existing directors.
CLB had also said that no government agency would initiate any criminal or punitive action against these nominee directors without the prior approval of CLB.
The government-nominated directors on the board of Maytas Infra include K Ramalingam, former chairman of the Airports Authority of India (AAI) who is also the chairman of the board, Anil K Agarwal, former Assocham president, OP Vaish, a tax lawyer, Ved Jain, immediate past president of Institute of Chartered Accountants of India (ICAI). Jain is also the board of director of Maytas Properties.