A month after a Company Law Board ordered the handing over of the erstwhile Teja Raju promoted Maytas Infra to IL&FS, its chairman Ravi Parthasarathy finally took over the reins of Maytas Infra as chairman on Tuesday. Parthasarathy takes charge following completion of the transition process as per SEBI guidelines with effect from September 29. The government has also recalled two out of its four nominees from the Maytas Infra board with effect from Tuesday. While K Ramalingam and OP Vaish have been recalled, Ved Jain and Anil Agarwal will continue to remain on the board of the company.

With this, IL&FS has formally taken over as the new promoter of Maytas Infra, which was being run by government -appointed board comprising chairman K Ramalingam and three other directors since March 2009. In the aftermath of the Satyam scam, the operations of Maytas Infra, then promoted by Ramalinga Raju's elder son Teja Raju, had come to a grinding halt. The CLB had in its order issued last month to hand over the company to IL&FS, had ordered Maytas Infra vicechairman and CEO Teja Raju,as well as his family friend B Narasimha Rao to step down from the company's board. Since then IL&FS had made an open offer in early September to acquire an additional 20% stake in the company for a price of Rs 112.80 per share and hike its stakeholding in Maytas to 57.1%. IL&FS already holds 37.1% stake in Maytas Infra as the Rajus had pledged the stake with the infrastructure financing firm to raise funds in October 2007 soon after the company was listed. htttp://www.maaproperties.com