New Delhi: Following the orders of the Supreme Court, the Company Law Board (CLB) Thursday added Mauritius-based investment firm SRS Orion as one of the parties in the matter of Maytas Properties Ltd (MPL).
The investment firm wanted to be party in the suit in which CLB had passed orders of handing over the management of MPL from the family of Satyam Computer founder B Ramalinga Raju to IL&FS.
On December 9, while passing an order over the plea of SRS Orion, the apex court had directed CLB to implead the investor as party in the matter.
SRS Orion has invested around Rs 600 crores in MPL and wanted to be heard in the matter.
It had questioned MPL's revival plan, in which 80 percent of the company's shares were transferred to IL&FS for just Rs 20 lakh.
During the proceedings Thursday, senior advocate U U Lalit, appearing for the SRS, requested CLB to pass an interim order, to secure the investments made by the firm in MPL.
However, advocates Virender Ganda and S K Giri -- appearing for Maytas -- opposed the move contending that SRS Orion can not make such plea without even filing a proper application on it.
CLB Chairman Justice D R Deshmukh agreed and suggested that SRS should file a written application; and posted the matter to February, 2012 for next hearing.
CLB's directions came during the mentioning of the apex court's order by SRS.
Earlier, in a petition before CLB, SRS had sought conversion of its Compulsory Convertible Debentures (CCD) in MPL into shares, and the appointment of its directors on the board of the real estate company.
Under the revival plan, the government controlled board of MPL transferred the shares to IL&FS.
SRS claimed that the market value of the investment has gone up to about Rs 1,000 crore, a sharp contrast to the IL&FS' paying just Rs 20 lakh for the stake.
First Published: Thursday, December 22, 2011, 22:23