There are reports that Satyam Computers founder and chairman Ramalinga Raju had resigned from the board. Mr Raju had put in his papers & that he was awaiting the company board’s decision on the issue.

Incidentally, a Satyam board meeting is scheduled for December 29. According to analysts, Mr Raju’s resignation wouldn’t make much of a difference to investors. The resignation of the chairman, who is also the promoter of the company, could raise issues of succession, which is far greater than him quitting.

Shares of Satyam were down 8.5% to Rs 148.60 on the BSE in intra day trading.