Moneycontrol » News » CNBC-TV18 Comments

CLB allows four govt nominees to exit Mah Satyam board

Published on Fri, Jul 17, 2009 at 20:08 |  Source : CNBC-TV18

Updated at Mon, Jul 20, 2009 at 10:06  

Like this story, share it with millions of investors on M3
0
0
Share on Tumblr

The Company Law Board (CLB) has allowed the withdrawal of four government nominee directors from Mahindra Satyam board. CNBC-TV18's Pranshu Sikka reports.

Here is a verbatim transcript of Pranshu Sikka's comments on CNBC-TV18. Also watch the accompanying video.

The job has almost been done. Company Law Board has allowed the withdrawal of four nominee directors. The CLB order says that two government nominee need not be counted in the maximum number of directors which the company can have on the board, which means that the company can have all its ten directors on the board. And still the two government nominees can be retained. Secondly, the government has asked CLB that they want to keep the two nominee directors as of now for a period of another three years that has been given a go ahead for. The last significant thing which is emerging from the order is that the CLB has said that in all bid process related activities one of the two government nominees will need to be present in the entire happening, so that they can keep a track on the things on how they are happening.

  

More on Moneycontrol

Trending News

Business News

6 ways to backup mobile data
Forget the IIP: there's free cash oozing out of every pore "Forget the IIP: there's free cash oozing out of every pore "

DLF Says Macro Environment Unfavourable W/High Comm & Labour Inflation

The latest earning numbers FIRST on CNBC-TV18
Videos

Feb 10 2012, 21:39

Tulsian buys steel stocks; negative on sugar, ADAG

- in MARKET OUTLOOK

Feb 10 2012, 21:39

Truck demand sluggish; margins down 80bps: Shriram Trans

- in Results Boardroom

Interviews

Feb 10 2012, 15:43 | Source: CNBC-TV18

Growth in margins sustainable going forward: Shasun Pharma  

Feb 10 2012, 15:35 | Source: CNBC-TV18

Expect Q4 GRMs to be similar to Q3: BPCL  

Subscribe to

Moneycontrol Newsletters

Moneycontrol.com offers you a choice of various sectoral and other newsletters for FREE!

Follow moneycontrol.com