Four independent directors resign from Satyam
Satyam Computers seem to be getting into more and deeper troubles. The board meeting scheduled to be held today had been postponed to January 10, 2009.
With one more independent director submitting his resignation, the total number of directors who quit the sinking Satyam rose to four.
The directors who resigned are:
Vinod K Dham
Dham is known as the father of Pentium and has been on Satyam board since January 2003. He is currently the managing partner of IndoUS Capital LLC, a venture capital firm in the US that invests in Indian start-ups.
Krishna G. Palepu
Palepu, who has also been on the board since January 2003, is the Ross Graham Walker professor of business administration at the Harvard Business School, USA.
Srinivasan, who was with the board since 1991, is a leading management consultant and a visiting professor at many US universities. She is also on the board of directors of Technology Information Frontiers, a Hyderabad-based computer systems design firm.
M. Rammohan Rao
Rao is the dean of the internationally-reputed Indian School of Business (ISB) in Hyderabad.
Satyam’s Ramalinga Raju is said to be exploring way and means to buy-back promoters shares.
Despite the controversies, Satyam notched up 9.41% gain at Rs 148.25 to emerge as the biggest gainer among Sensex stocks Today. Analysts said the surge in Satyam was in line with a recovery in its shares in the US.