Record Book for MCA taking over companies

On Jan 7, 2009, Chairman of Satyam B R Raju resigns confessing $1.47-billion manipulation in accounts

It is not the first time that the Ministry of Corporate Affairs (MCA) is taking over a company in larger public interest. Earlier, while it succeeded in taking over Satyam Computer, it is still fighting a legal battle for Financial Technologies (India) Ltd
(FTIL). Abhineet Kumar takes a brief look at the takeovers:
 
The Satyam saga
 
Jan 7, 2009: Chairman of Satyam B R Raju resigns confessing $1.47-billion manipulation in accounts
Jan 10, 2009: Company Law Board (CLB) bars board of Satyam from functioning and appoints 10 nominal directors
Jan 11, 2009: Government nominates Deepak Parekh, Kiran Karnik