Mr Rajat Gupta, Chairman, Executive Board of Indian School of Business (ISB), has requested the board to relieve him of his responsibilities.
“Mr Rajat Gupta has requested the ISB Executive Board to relieve him of his board responsibilities till his pending matter with the US Securities Exchange Commission (SEC) is resolved,'' the Hyderabad-based premier business school said in a statement on Monday.
The request of Mr Gupta and the appointment of the new Chairman would be tabled at the upcoming Board meeting on April 2, 2011, ISB said.
It was not immediately clear whether Mr Gupta would attend the board meeting which coincides with the graduation ceremony of the school.
Mr Gupta had a long-association with ISB as he has been Chairing the board of ISB since its inception about 10 years ago.
He was said to have “bailed out” ISB when it faced tough time in finding placements to its entire batch of students during the economic slowdown.
Mr Gupta had publicly vowed to use his good offices to find placements to about 100 students of the Class of 2009 who could not get jobs in the campus placements programme before they completed graduation in April 2009.
Mr Gupta has reportedly quit from the boards of the Public Health Foundation of India (PHFI), New Delhi and the Emergency Medical Research Institute (EMRI), Hyderabad (Now with the GVK Group), which was originally run by Satyam Computers (till the scam involving Mr B. Ramalinga Raju broke out in 2009).