Maytas Infra will soon move the Company Law Board (CLB) once again seeking its permission to induct the representatives of Saudi Bin Laden Group (SBG) on its board. Saudi Arabia-based SBG had earlier acquired a 20 per cent stake in Maytas for around Rs 300 crore.

“There was no dispute on the induction. There was no need for any adjudication but it has happened. We have been in touch with the government after that. We will be filing a petition with the CLB again. The government had also filed an affidavit indicating their full support,” chairman of IL&FS Group — the promoter of Maytas Infra — Ravi Parthasarthy said.

IL&FS had taken over Maytas Infra after the latter landed in a severe financial crisis following its founder Ramalinga Raju’s confession to the scam in Satyam Computers in early 2009.

CLB, the quasi-judicial body on company law, had rejected the induction of SBG nominees. Maytas Infra had moved CLB as the latter had allowed IL&FS to take over the firm on the condition that there would not be any change in management control before October 2011.

Parthasarthy told FC the composition of the board of directors is controlled by CLB and so we had to seek its permission. "There is no confusion about the induction of SBG as a strategic partner." He also said the final documentation on corporate debt restructuring would be signed with the banks next week.