Parekh, Mainak to recuse themselves from board process

MUMBAI: HDFC chairman Deepak Parekh and LIC executive director SB Mainak will not participate in the discusssions when the government appointed Satyam board meets on Monday morning to select a suitor for the troubled firm.

This is due to possible conflicts of interests since Mr Parekh is on the board of M&M, the promoter of Tech Mahindra which is one of the bidders for Satyam, while LIC is a significant shareholder in L&T which is percieved by many as the frontrunner for taking over Satyam.