Rao, is at present Dean of the Indian School of Business. The reason for his removal is shown as 'irresponsible role of conduct' in his capacity as an independent director on Satyam's board in the company's aborted attempt to acquire two Maytas firms. This demand came just ahead of the Satyam board meeting which is scheduled for Monday, Dec 29.
Sources say that the unlisted Maytas Properties had huge debt and its net worth was only Rs 21 crore. On Friday, Dec 26 World Bank (WB)have denied to remove the ban on Satyam
even after the company filing an apology. WB had earlier banned Satyam for 8 years after a bribery scandal.
In another shock to company, Mangalam Srinivasan, an independent director, who's been on Satyam board for 17 years resigned on Friday, Dec 26. These turn of events are putting pressure on the management ahead of the board meet where the members will consider a buyback.
OneIndia News (With inputs from Agencies)