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Bangalore, Sept. 10

Mr S.N. Rajesh, non-executive independent director representing UTI Venture Funds, has bid adieu to the Bangalore-based telecom software firm Subex Azure. With effect from September 5, he will no longer be in the executive board of directors of the company, the company notified the BSE on Monday. Mr Rajesh, Vice-President, UTI Venture Funds, has played an active part in identification and evaluation of investment opportunities, due diligence and transaction structuring for investments committed by UTI Venture Funds. “There is no special reason for him to resign from our board. It is an ordinary decision. Shareholders invested in the company when it seemed appropriate and have now withdrawn,” said Mr Sudeesh Yezhuvath, Chief Operating Officer and another member of the board. The company has not yet made an “action plan” on the divestment of its services arm, he added. “There is no time frame for the decision. Our focus is on products now. In 2000, we entered into services for a reason, which is no longer relevant,” he said. —

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