Special Correspondent

HYDERABAD: Professor M. Rammohan Rao, who presided over the controversial meeting of Satyam’s board of directors approving acquisition of Maytas Properties and Maytas Infra on December 16, stepped down on Wednesday as Dean of the Indian School of Business (ISB).

Explaining the reasons for his decision, he said the shocking revelations by Satyam Chairman B. Ramalinga Raju, of which he had no prior knowledge, meant that the controversy surrounding the Information Technology major was far from over.

“My continued concern and preoccupation with the evolving situation are impacting my role as Dean of ISB. Given that my term with the ISB anyway ends in a few months, I think that this is an appropriate time for me to step down,” he said.

The ISB Executive Board accepted his resignation with immediate effect and asked Deputy Dean Ajit Rangnekar, who has been with the School since 2003, to hold charge as Dean.

As Prof. Rao’s tenure was to conclude in June this year, a Dean Search is already underway.

Appreciating Prof. Rao’s gesture to resign and recognising his contributions to the ISB, its Chairman Rajat Gupta assured the ISB community of the Board’s full support in its seamless functioning.

Prof. Rao’s resignation brings down the curtains on his stewardship of the B-School which was ranked 20th in the world by Financial Times of London.

Before joining the ISB, he was Professor Emeritus at the Indian Institute of Management, Bangalore.

He also taught at the Stern School of Business, New York University, and on served on the committees for the selection of Deputy Governor of the Reserve Bank of India and Chairmen and Members of SEBI and TRAI.