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Hyderabad/Visakhapatnam, Dec. 30

The embattled Satyam Computer Services management got some support from one of its independent directors and the former Union Cabinet Secretary, Mr T.R. Prasad, who said that “resigning from the Board now is like deserting a troubled ship”.

His comments came in the context of what he termed as “doubts raised on the continuance of the other independent directors on Satyam’s Board, from which four directors have already resigned”.

In a statement, Mr Prasad said the company today was almost entirely owned by the public at large, either directly or through foreign institutional investors. “Restoring the confidence of all these stakeholders is the task of utmost importance awaiting the consideration of the board for which the company is also availing itself of the services of DSP Merrill Lynch.”

“Completing this ongoing task, in my view is a public duty and responsibility and I intend to continue on the board at least till this commitment is fulfilled,” Mr Prasad said.

Another independent director, Prof. V.S. Raju, has also said that there is no rationale for his quitting and the decisions taken are in line with the long-term interests of the company.

Meanwhile, breaking his silence, Prof. Krishna G. Palepu, the Harvard Business School Professor said “In the last ten days I have been working with the Satyam management to craft a new agenda for Satyam to deal with its current challenges”.

Prof. Krishna Palepu, who quit along with Mr Vinod Dham and Prof. M. Rammohan Rao on December 29 said in an e-mailed response to Business Line that “In order to effectively implement this agenda, and to meet the statutory board attendance requirements, my frequent physical presence at Satyam on short notice would have been required over the coming weeks and months. Due to my teaching commitments, this is unfortunately not possible, so I have regretfully resigned from the board,” he said.

More Stories on : Software | Corporate Governance | Satyam Computer Services Ltd

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