<p>IL&FS has been allowed to hold 80 per cent of the equity in Maytas Properties, Corporate Affairs Minister Salman Khurshid told reporters here. <br /><br />The new promoter will pump Rs 150 crore into the crisis- ridden company over the next 18 months, he said.<br /><br />“I permit the induction of four nominees of IL&FS group as director on the board of Maytas Properties including the Chairman,” CLB chairman Justice D R Deshmukh said in the order.<br />He further said that existing director of Maytas Properties — Rama Raju, D Gopal Krishnana Raju and D Venkata Satya Raju — would resign immediately on induction of IL&FS group as the strategic investor in Maytas Properties.<br /><br />According to the CLB order, IL&FS will be required to hold at least 40 per cent equity in the property company for next three years.</p>
<p>IL&FS has been allowed to hold 80 per cent of the equity in Maytas Properties, Corporate Affairs Minister Salman Khurshid told reporters here. <br /><br />The new promoter will pump Rs 150 crore into the crisis- ridden company over the next 18 months, he said.<br /><br />“I permit the induction of four nominees of IL&FS group as director on the board of Maytas Properties including the Chairman,” CLB chairman Justice D R Deshmukh said in the order.<br />He further said that existing director of Maytas Properties — Rama Raju, D Gopal Krishnana Raju and D Venkata Satya Raju — would resign immediately on induction of IL&FS group as the strategic investor in Maytas Properties.<br /><br />According to the CLB order, IL&FS will be required to hold at least 40 per cent equity in the property company for next three years.</p>
