Former independent director of Satyam quits Suven Life Sciences

MUMBAI: Mr T R Prasad, a former independent director of Satyam and former Cabinet secretary, has resigned from the board of Hyderabad-based Suven Life Sciences, citing personal reasons.

Suven Life said Mr Prasad's resignation will be with effect from January 13. "He is resigning from the board of all companies and not just ours. He has cited personal reasons," Mr Venkat Jasti, vice chairman and CEO of Suven told ET.

Suven plans to replace Mr Prasad's seat on the board soon and is talking to a couple of people for that. According to Mr Jasti, the company could likely replace Mr Prasad, with a businessman from the US. "I cannot disclose the name yet as it has not yet been approved but I can tell you that he was a COO (chief operating officer) for a small biotech company in the US."

Mr Prasad has recently been resigning from the boards of various companies after Satyam Computer Services - where he was an independent director - last week said its account statements were inflated.