The Company Law Board (CLB) on Thursday allowed infrastructure finance company, IL and FS to take over Maytas Properties, a company promoted by the family members of disgraced Satyam founder Ramalinga Raju. Briefing repoprters about the board decision the Corporate Affairs Minister Salman Khurshid said that finance company has been allowed to hold 80 per cent of the equity in Maytas Properties. He said that the new promoter will pump 150 crore rupees into the crisis- ridden company over the next 18 months. He further said that existing director of Maytas Properties -Rama Raju, D Gopal Krishnana Raju and D Venkata Satya Raju — would resign immediately on induction of IL and FS group as the strategic investor in Maytas Properties.