Mangalam Srinivasan, a non-executive and independent director of Satyam Computer Services, has tendered her resignation effective December 25, 2008. The fourth largest Indian IT services company informed the BSE on Friday that it was in receipt of the resignation letter.
Srinivasan reportedly resigned owing moral responsibility for not casting a dissenting vote against Satyam's aborted move for the acquisition of Maytas Infra and Maytas Properties for $1.6 billion last week. The two companies are controlled by the family of Satyam's founder and chairman B Ramalinga Raju.
Mangalam had been on Satyam's board since 1991.
“The independent director’s resignation is a severe jolt to Satyam and will add more strength to the gaining demand for founder and chairman B Ramalinga Raju's exit from the company,” a Mumbai-based investment analyst told Business Standard, requesting anonymity.
