Srini Raju quits Sify board

C Srinivasa Raju, or Srini Raju as he is commonly known as, has resigned from the board of Satyam Infoway.

Srini, who is also on the board of Satyam Computer Services, asked a close associate to inform the media about his resignation.

The associate added that Srini was planning to resign from Satyam Computer board also shortly.

"Srini wants to focus on i-Labs and its spin-offs," the spokesperson cited the reason for the resignation.

Srini who holds about 3 per cent stake in Satyam. He started distancing himself from the software major since September 2000, when he resigned from Satyam Enterprise Solutions, the erstwhile subsidiary of Satyam.

The two-year old i-Labs and its subsidiaries focus on developing software products and technologies in the emerging areas of e-business, telecommunications and life sciences.

Sources close to Satyam Computer said Srini's resignation was part of the company's plans to revamp board and induct more independent directors.

Currently, the board comprises six directors, of which three belong to Ramalinga Raju's family (Ramalinga Raju; Rama Raju, brother of Ramalinga Raju; and Srini Raju, co-brother of Ramalinga Raju) and three outsiders (V P Rama Rao, a retired IAS officer; C Satyanarayana, a retired IRS officer; and Mangalam Srinivasan, a US resident.