NEW DELHI, INDIA: The Ministry of Company Affairs (MCA) has asked Satyam Computer Services to provide all the information on the December 16 board meeting in a week’s time, reports Sify.com.
It was in that meeting Satyam took a resolution to buy Maytas Properties and Maytas Infra for $1.6 billion, which was later cancelled due to the pressure from the investors.
Interestingly, the purview of Registrar of Companies (RoC, Ministry of Company Affairs) generally doesn’t include issues related to board meetings and resolutions the boards pass, it said.
Companies are required to submit this information to SEBI and not to the RoC, which mandates corporates to submit only periodic financial announcements.
The report said the MCA order is learnt to have called for information on Sections 372A, 299, 300, 301 and 108A of the Companies Act, which pertain to corporate governance practices while taking a decision.
Recently World bank had imposed sanctions against Satyam on the charges of financial wrongdoings, sensitive data heist.
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