CLB allows four govt nominees to exit Mah Satyam board

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.