NCLT Allows Partial Relief To Central Government In Maytas Infra Case
The NCLT has granted partial relief to the Central Government in the Maytas Infra (now IL&FS Engineering and Construction Company) case, addressing key issues under the Companies Act and SEBI regulations.
NCLT allows partial relief to Central Government In Maytas Infra Case
The National Company Law Tribunal (NCLT) has partly allowed the relief sought by the Government of India under Sections 388B, 397/398 of the Companies Act, 1956 read with Sections 406/408, in its matter through the Ministry of Corporate Affairs and Maytas Infra Limited (now IL&FS Engineering and Construction Company Limited) and others.
The NCLT noted that in the first relief, there was no reason to impose Section 388B (1) (a) restrictions, while the second relief was already granted on 05 March 2009 by the erstwhile Company Law Board. It had directed the Central government to appoint four persons of eminence as nominee Directors on the Board of Maytas Infra under Section 408 of the Companies Act.
The disclosure was made under Regulation 30 of the Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015.