ISB dean Rao withdraws from RBI panel

In what is perceived to be a fallout of the Satyam saga, the Indian School of Business (ISB) dean M Rammohan Rao is no longer on the Reserve Bank of India's (RBI) panel formed to recruit replacement of deputy governor V Leeladhar.

Rao could not be reached for his comments as he is travelling while ISB spokesperson Bhuvana Ramalingam confirmed: "Mr Rao has withdrawn from the panel.''

Rao was one of the independent directors on the Satyam board. He chaired the controversial meeting in which Satyam decided to buy out Maytas Infra and Maytas Properties for $1.6 bn and aborted the plan after the investor outrage.

Left Member of Parliament Abani Roy had questioned Rao's continued presence in the crucial selection panel. The ISB dean is also a member of the Telecom Regulatory Authority of India (Trai) and his term is coming to an end soon. Even ISB students were said to be hoping for more clarity about the dean's role in the Satyam saga.