Government dissolves Maytas Infra board

New Delhi, Feb 17 (ANI): The government on Tuesday approached the Company Law Board and requested it to supersede the board of Maytas Infrastructure and Maytas Properties.

The directors of both the companies will now be ineligible from directorship in other companies.

Government will nominate new directors for Maytas Infra and Properties.

Earlier, the government had extended the Serious Fraud Investigation Office (SFIO) probe from Satyam to Maytas Infra and Maytas Properties suspecting a fraud in the company's dealings.

Union Minister for Corporate Affairs Prem Chand Gupta informed that the government has found evidences of involvement of both the companies in the Satyam scandal.

"The government has found evidence that the two companies are involved in the Satyam scandal, which entails fabrication of accounts, money laundering, round-tripping of money and fraudulent diversion of funds," Gupta said.

"A Joint Parliamentary Committee enquiry into the case may be conducted only after consensus of all parties," Gupta added. (ANI)