The Company Law Board on Friday allowed the government to recall its four nominee directors from the board of Mahindra Satyam.
The remaining two directors would continue to remain with the board for a period of three years and will not be counted in the maximum number of the directors that the company can have as per its Articles, the CLB order said.
As long as the two directors remain on the board, any decision regarding the share purchase agreement could be taken only in the presence of at least one of them, the order added.
The presence of one of these two directors is also necessary for any decision to be taken in accordance with the conditions imposed as per the bid documents for taking over Satyam.
