Rao resigns from the selection committee for RBI deputy governor

Rao resigns from the selection committee for RBI deputy governor
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First Published: Mon, Jan 05 2009. 08 26 PM IST
Updated: Mon, Jan 05 2009. 08 26 PM IST
Hyderabad : Dean of Hyderabad-based Indian School of Business and former director on Satyam Computer Services Ltd, professor B Rammohan Rao has resigned from the selection committee for Reserve Bank of India deputy governor. An ISB spokesperson confirmed the development.
Rammohan Rao had been in the spotlight for the last two weeks ever since he chaired the controversial 16 December meeting of Satyam Board that approved a $1.6billion plan to acquire two infrastructure companies promoted by the technology firm’s founder’s sons.
The acquisition was later called off but it drew severe criticism from investors and saw the company shares taking a beating on the stock exchanges. In the wake of the controversy, investors also raised questions whether Satyam directors, including Rao acted independently to protect shareholder rights.
Rao later resigned on 30 December from Satyam board as questions were raised about the unrelated acquisition of firms promoted by related parties.
Rao continues to be on selection committees of Chairman of Securities Exchange Board of India and Chairman of Telecom Regulatory Authority of India. It could not be immediately verified, if he resigned from any of the other panels he is on.
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First Published: Mon, Jan 05 2009. 08 26 PM IST