The Hindu Business Line : Galleon fraud: Anil Kumar likely to quit ISB board

Hyderabad, Oct. 19 Has Mr Anil Kumar, Director, McKinsey, and a member on the Executive Board of the Indian School of Business (ISB) quit the latter position?

Reports indicate that the high-profile executive has decided to step down from the ISB’s Executive Board following his alleged role in the Galleon hedge fund fraud in the US.

When contacted, an ISB functionary said: “As of now, our only update is that Mr Anil Kumar has requested the Chairman of the board, Mr Rajat Gupta, for leave of absence for the board meeting to be held in January 2010.”

The 30-member executive board, headed by Mr Rajat Gupta, who is a Senior Partner, McKinsey & Company, Inc, has big names including Mr Anil Ambani, Group Chairman and CEO, Reliance Anil Dhirubhai Ambani Group, Mr Rahul Bajaj, Chairman, Bajaj Auto Ltd, and Ms Kiran Mazumdar-Shaw, Chairman and Managing Director, Biocon India.

This is the second instance where the Hyderabad-based premier business school is faced with the adverse impact of corporate scandals within a year.

Early this year, it had to go for a leadership change when its dean, Dr M. Rammohan Rao, quit following the questioning of his role as an Independent Director in Rs 7,136-crore fraud that hit Satyam Computer Services.

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Galleon fraud: Anil Kumar likely to quit ISB board