Satyam's independent director resigns

[muttu121]

MUMBAI, INDIA: Satyam Computer Services Ltd, said to day that an independent director has resigned.

In a statement submitted to the Bombay Stock Exchange, it said that "the company is in receipt of resignation tendered by Dr. (Mrs.) Mangalam Srinivasan, non-executive and independent director of the Company effective from close of December 25, 2008".

Satyam had two independent directors on its board.

The news of the resignation comes at a time when the No.4 Indian outsourcer is caught up in a series of controversies. It had announced that the director board would meet on December 29.

Satyam had on Thursday sought an apology from the World Bank for the "inappropriate" statements it made about the eight-year sanctions against Satyam Computer.

Recently the company had canceled its decision to buy out two firms - Maytas Properties and Maytas Infrastructure - owned by chairman Ramalinga Raju's sons following strong opposition from the investors.

Though Satyam did not cite any reason for Mangalam Srinivasan's resignation, it is believed that she decided to call it a day for being a party to the controversial buyout decision.

[kingmakers]

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