Sack Satyam's Rammohan Rao: Left
Hyderabad, Dec 27: The bad luck looming around Satyam Computers, India's fourth largest IT company continues. This time there is a political touch to it. Reports say that Abani Roy, a Left party MP on Saturday, Dec 7 has written to Manmohan Singh, the Indian Prime Minister seeking the removal of one of Satyam's independent director Rammohan Rao from government positions.
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)