In yet another blow for the prestigious Hyderabad-based Indian School of Business (ISB) this year, one of its founder directors — Anil Kumar — has been implicated in the $20 million Galleon scam. The 51-year-old Kumar, who is director of McKinsey & Co and has been on the board of directors of ISB since its inception, has since voluntarily proceeded on an indefinite leave of absence from the board of B-school after the Galleon scam broke out. He has requested ISB chairman Rajat Gupta for a voluntary leave of absence from the board till he sorts things out. The chairman has accepted his request and granted him leave, ISB dean Ajit Rangnekar told TOI here. Seeking to distance the Bschool from the scam, Rangnekar said: As far as we are concerned we have done our due diligence before inviting people on board. How they conduct themselves in their professional lives is upto them.
According to ISB sources, the ISB board would be taking a call on whether Kumar should be asked to step down when the board meets next on January 8, 2010. ISB, which started operations in 2001, is affiliated to top-notch global institutions like Wharton, Kellogg and London School of Business. Incidentally, Rajat Gupta, Senior Partner Emeritus of McKinsey & Co, is the chairman of the ISB board that boasts of the whos who of India Inc like Reliance Anil Dhirubhai Ambani Group chairman and CEO Anil Ambani, Infosys chief mentor N R Narayana Murthy, Arcelor Mittal chairman Lakshmi Mittal, Bajaj Auto Ltd chairman Rahul Bajaj and HDFC founder Deepak Parekh. Kumars alleged involvement in Galleon scam comes barely nine months after ISB dean Mendu Rammohan Rao was forced to step down after protests over his role as a board member of the scamtainted Satyam. The California-based Kumar is understood to be a friend of Galleon hedge fund founder Raj Rajaratnam and is among the six people implicated in the scam being touted as the largest insider trading scam in US history. --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en -~----------~----~----~----~------~----~------~--~---
