The corporate affairs ministry is planning to give a free hand to Infrastructure Leasing & Financial Services (IL&FS) in deciding the composition of the Maytas board after the Mumbai-based infrastructure major takes over the management control of the Ramalinga Raju founded company.

“Corporate affairs minister Salman Khurshid does not want to interfere in the composition of the new Maytas Infra board. IL&FS is free to decide who (from the government-appointed directors) to retain on the board,” a person close to the development told Financial Chronicle.

According to a Company Law Board order, the board would comprise of six directors — two government-appointed directors and four nominee directors from IL&FS.

This necessitates the exit of two of the four present board members.

The four IL&FS directors, who would be joining the Maytas board, are chairman Ravi Partha-sarathy, chief executive officer (CEO) and managing director Hari Sankaran, deputy managing director Arun Saha, and president and CEO of IL&FS Transportation Networks Karun-akaran Ramchand.

Parthasarathy would chair the board of directors in the new setup.

Though there is no clarity about which of the government nominees would be retained on the board, there is speculation that IL&FS is in favour of having an ex-bureaucrat and someone with a legal background as directors.

IL&FS, the country’s largest infrastructure and finance company, replaced the Raju family as Maytas Infra promoters on Monday.

IL&FS would be initiating the process to acquire an additional 20 per cent in the Hyderabad-based infrastructure firm through an open offer within the next couple of days.