The Hyderabad-based firm was originally promoted by the family of Ramalinga Raju, the founder of Satyam Computers.

 “The IL & FS will be the new promoter of Maytas Infra and it will bring in Rs 55 crore to revive the company,” Union Corporate Affairs Minister Salman Khurshid told newspersons here on Monday while announcing the order of the Company Law Board (CLB) on Maytas Infra.

In its order passed earlier on Monday, the CLB permitted IL & FS—the largest shareholder in Maytas Infra with about
37.1 per cent shares—as the new promoter of the company with immediate effect.

The IL & FS was initially promoted by the Central Bank of India, Housing Development Finance Corporation Limited and the Unit Trust of India. Over the years it broad-based its shareholding and inducted institutional shareholders, including State Bank of India and Life Insurance Corporation of India.

The CLB also permitted the IL & FS to appoint four directors, including the chairman on the Maytas Infra board, and allowed it to be in control of the company’s management.

Following the appointment of the four new directors, Maytas Infra’s promoter-director Teja Raju, son of Ramalinga Raju, will quit the board along with another director B Narasimha Rao, the CLB noted in its order. In response to a query, Khurshid said prima facie some evidence indicated that funds amounting to Rs 390 crore was transferred from Maytas Infra to Satyam Computers.