Devas Multimedia’s Chairman, Dr M.G. Chandrasekhar, has resigned, the company has said.
Mr Lawrence T. Babbio, who replaces him, is a senior adviser to private equity major Warburg Pincus. Mr Babbio is the former Vice-Chairman and President of US telecommunications operator Verizon. He is also on the board of Hewlett Packard and Aramark, the statement said.
The Bangalore-based Devas, set up in December 2004, is being probed by the Enforcement Directorate for its overseas investments and equity dealings.
A year ago, the Centre cancelled a controversial 2005 contract for two satellites and use of the S-band spectrum that it signed with ISRO arm Antrix Corporation.
Devas started arbitration in London over the cancelled contract. Antrix and Devas are now fighting over the jurisdiction of settlement in both the Supreme Court and the Karnataka High Court. The case is due to come up in early April.
Dr Chandrasekhar relinquished the post effective March 16, 2012 but remains a Director of the company. He was ISRO's Scientific Secretary in early 1990s and a top official in the defunct WorldSpace digital radio company.
The statement said: “Devas Multimedia welcomes Mr Babbio as Chairman of the board and will look to his leadership as the company moves forward. The board, with regret, has accepted Dr Chandrasekhar’s resignation and noted its appreciation for the able leadership rendered during his tenure as Chairman.’’