Satyam Computers Founder and Chairman Ramalinga Raju resigned from the Board, Economic Times and Times of India reported citing unconfirmed reports. Raju has put in his papers and is waiting for the Board's decision.
Satyam Board meeting was scheduled on December 29. Analysts are of the view that Raju's resignation would not make much of a difference to investors. They further said that the responsibility lies on the whole Board as it was an unanimous decision where this Board is in no place to decide on the issue.
The resignation could raise issues of succession, which is far greater that quitting, the report said. Shares of Satyam were down 8.5% to Rs 148.60 on the BSE in intra day trading.
The company's shares have been plunging since the Board announced the acquisition of its two subsidiaries. The Board had to reverse its decision on acquisition later.
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