T R Prasad to continue on Satyam board

With four independent directors on the board of the beleaguered Satyam Computer Services resigning by Monday doubts are being raised on the continuance of the two other independent directors on the company's board.

Dispelling these doubts, T R Prasad, former Cabinet Secretary and an independent director on Satyam's board, said that "resigning from the board now is like deserting a troubled ship".

In an email shared with a few journalists here, Prasad stated that Satyam today was almost entirely owned by the public at large either directly or through FIIs. Restoring the confidence of all these stake holders was the task of utmost importance awaiting the consideration of the board for which the services of DSP Merrill Lynch were being availed.

"Proposed measures include strengthening Satyam's governance, interalia, by increasing the size and altering the composition of the board. Completing this ongoing task, in my view is a public duty and responsibility and I intend continuing on the board atleast till this commitment is fulfilled," he added.

Mangalam Srinivasan was the first independent director to resign on December 25. She was joined on Monday by Krishna G Palepu, Vinod K Dham and M Rammohan Rao.

Their resignations follow widespread criticism of their role after Satyam called off a deal, announced on December 16 to invest $1.6 billion in two promoter-owned companies Maytas Infra and Maytas Properties.