27 Feb 2009, PTI
NEW DELHI: The Government, which is seeking to supersede the board of Maytas Properties and Maytas Infra, till now seems to have virtually failed to convince the CLB that they are involved in financial irregularities.
"You are at an interim stage...investigations are on. Bring more material evidence based on that," said CLB Chairman S Balasubramanian to the government on Friday during the hearing.
"Tell me incidences, how company is suffering? How they (directors) are not discharging their duties? How it has affected the public interest...?" he said after the government failed to substantiate its allegation by placing concrete evidence before the Board.
However, deputy directors of the Ministry of Corporate Affairs representing the government, kept saying they were seeking only interim relief and at this stage, "mere intention (of committing irregularities) needs to be established".
On this, the CLB chief said, "Show me material evidence. I want to see it before taking any decision. I have to follow principles of law and can't go merely on allegations."
The Government pleading was based on company's balance sheet, some prints taken from website of Maytas Infra and confession of fraud by Satyam's former Chairman B Ramalinga Raju. They tried to establish charges of fraud and diversion of company's money to group firms, associates' concerns, etc.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment