Independent Director at Satyam quits
In an another jolt to Satyam Computer Services Ltd Chairman B. Ramalinga Raju, one of the company’s independent directors Mangalam Srinivasan has resigned on Thursday. The company has confirmed the development on Friday by notifying the same to Bombay Stock Exchange.
Mangalam Srinivasan, a US based prominent personality is believed to be upset with the ongoing controversies raised after Satyam’s aborted bid to takeover Maytas Infra and Maytas Properties in 1.6 billion dollar deal.
Role of independent directors and corporate governance practice has become much in debate of after the Satyam-Maytas deal.
Satyam management dropped the idea followed by the investor’s uproar. Institutional investors hold nearly 60% stake in the company.
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