The Andhra Pradesh High Court on Tuesday dismissed a petition filed by a shareholder challenging the Company Law Board’s (CLB) order to induct a strategic investor into Satyam Computer Services Ltd. The designated judge to hear cases arising out of the Companies Act, Mr Justice V.V.S. Rao, dismissed the petition filed by Mr Manohar Lal Sharma on the ground that the petition was filed beyond the time limit (120 days) to prefer an appeal on the CLB’s order fixed by the Companies Act. The court could not extend the period indicated in the statute, he said.. In his petition, Mr Sharma contended that the shareholders of Satyam, who were the real owners of the company, were not consulted and a meeting of the shareholders was not called for to discuss the issue.
Meanwhile, while hearing a petition challenging a city-court’s order allowing the Central Bureau of Investigation (CBI) to conduct lie-detection and brain-mapping on the main accused in Rs 7,136-crore Satyam scam, the High Court asked the CBI not to go ahead with the tests and posted the arguments for hearing on August 6. While observing that they were ‘serious’ to be adjudicated, Mr Justice G. Bhavani Prasad also refused to grant permission to fix the date of proposed tests.