Two more directors resign from Satyam board

December 29th, 2008 - 5:14 pm ICT by IANS  

Bangalore, Dec 29 (IANS) Satyam Computer Services Monday announced the resignations of director Vinod K. Dham and non-executive director Krishna G. Palepu from the company’s board of directors.In a notification to the stock exchanges, the Hyderabad-based firm said the resignations were received late Sunday and they ceased to be directors from Dec 28. Another director Mangalam Srinivasan resigned Dec 25. Incidentally, all ofd them are based in the US.

The resignations come in the wake of the beleaguered management’s aborted bid to acquire Maytas Properties and Maytas Infrastructure for $1.6 billion (Rs 79.2 billion) Dec 16 in a bid to bailout the two realty firms.

The firms, which derive their names from Satyam spelt backwards, are run by the two sons of Satyam founder chairman B. Ramalinga Raju.

Known as the father of Pentium, Dham had been on the Satyam board since January 2003 and held the positions of vice-president of Intel’s microprocessor products group and was also general manager of the Pentium processor division.

He is currently the managing partner of IndoUS Capital Llc, a venture capital firm in the US that invests in start-ups in India.

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.

The 69-year-old Srinivasan, who was with the board since 1991, is a leading management consultant and visiting professor at many US universities. She is also on the board of Technology Information Frontiers, a Hyderabad-based computer systems design firm.

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