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I'll not quit a ship in trouble, says Satyam director

December 30, 2008 16:25 IST

Voicing his resolve to continue on the board of Satyam [Get Quote] Computers Services despite the odds and making an ostensible reference to the resignations by four of the directors, an independent director said on Tuesday quitting the firm at this stage is like jumping off a boat in trouble.

"I am of the view that resigning from the board now is like deserting a troubled ship. We should remember Satyam is a major player in global IT space, employing well over 50,000 of the best and the brightest of professionals, with vendor commitments to several global corporates and entities," said Satyam's independent director T R Prasad.

He said that restoring the confidence of all the stake holders was the issue of utmost importance awaiting consideration of the Board, for which 'we are also availing the services of DSP Merrill Lynch'.

Restoration of the investor confidence became still more important as the company was 'almost entirely' owned by the public at large, either directly or through FIIs, he added.

Prasad further said the proposed measures to restore the confidence of investors include strengthening Satyam's governance, inter alia, by increasing the size and altering the composition of the board.

"Completing this ongoing task, in my view, is a public duty and responsibility and I intend continuing on the Board at least till this commitment is fulfilled," independent director on the Satyam Board said.

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