ISB asserts Rajat Gupta continues to be its chairman

The Indian School of Business (ISB) on Wednesday asserted that Rajat Gupta continues to be the chairman of its executive board.

The Hyderabad-based premier B-school’s statement in this regard comes in the light of reports that the US Securities and Exchange Commission has initiated administrative and civil proceedings against Gupta on charges of insider trading related to Galleon hedge fund headed by Sri Lanka-born Raj Rajaratnam.

“We note that the US Securities and Exchange Commission (SEC) has initiated administrative and civil proceedings against our Chairman, Rajat Gupta. We also note the statement of the counsel for Rajat Gupta, which asserts that the allegations are totally baseless. The ISB community is confident that Rajat Gupta will be vindicated. He continues to be Chairman of the ISB Executive Board,” ISB stated in a communique.