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5) Op1 developer filed written version adopted by Op Nos. 2,3 & 5. Op1 submits that the said project of Maytas Hill County commenced as per schedule but thereafter suffered acute shortage of funds as the private equity investors and the financial institutions recalled the financial assistance and the delay in completing the Hill County Project is because of force majeure which is beyond the control of Ops. Op1 further contends that various court orders had also delayed the project and that the case was referred to Company Law Board (CLB) which passed orders on 5.3.2009 appointing a director who is the nominee of the Central Government and accordingly Sri Ved Kumar Jain was appointed as Nominee Director by the Central Government.

17) The learned counsel for the developer contended that the order of the Company Law Board is binding on the complainants and these complaints have to be necessarily dismissed with a direction to approach the CLB. When the developer company originally run by Satyam Computer Services Ltd. founded by Mr. B. Ramalinga Raju went into serious financial troubles and the allegation that funds of Satyam were diverted to Maytas Properties to bail out from liquidation, the Central Government filed Company Application No.4/2009 U/s.388 B, 397, 398, 402 and 403 of the Companies Act before the Principal Bench of Company Law Board, New Delhi. In the said company petition, directions were issued on 13-1-2011, directing Central Government to nominate a nominee director on behalf of the CLB. The order discloses that Shri Ved Kumar Jain was nominated as director on behalf of the CLB. The nominee director undertook various measures to put the project back on track basing on the recommendations of Honble Justice A.R. Laxmanan.

c)    Mr. Ved Jain , the nominee Director, appointed by the Union of India, Pursuant to the directions contained in the order dt. 5.4.2009 shall continue as Director in MPL for a further period of 3 years.

(iv). The IL &FS group shall mobilize funds of Rs.150 crores in MPL within a period of 3 months from today.

(v) The IL&FS group shall complete the Maytas Hill Country Residential Project Phase-I within 18 months of its induction as promoter in MPL and shall arrange the required finances to complete the project.

There shall be four nominees of the IL&FS group as directors on the board of MPL including the Chairman     The existing directors of MPL Mr. Rama Raju, Mr. D. Gopala Krishnam Raju and D. Venkata Satya Subba Raju shall resign as directors of MPL immediately on induction of IL&FS group as strategic investor in MPL.

Mr. Ved Jain, the nominee director appointed by the Union of India pursuant to the directions contained in the order dt. 5.4.2009 shall continue as director in MPL for a further period of 3 years.