Adi Godrej succeeds Rajat Gupta as ISB chairman

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Godrej Group chairman Adi Godrej was on Saturday elected the chairman of the city-based Indian School of Business (ISB).

He succeeded Rajat Gupta, who resigned March 21 after the US Securities and Exchange Commission (SEC) slapped insider trading charges on him.

Adi was unanimously elected the chairman by the executive board at its meeting, attended by 14 of its 30 members.

The board accepted the resignation of Indian-American businessman Rajat Gupta, who founded ISB a decade ago.

Addressing a press conference here, Adi said Gupta was no longer on the board. He said the board paid tributes to Gupta for his tremendous passion in developing the ISB.

Gupta had requested the board that he be relieved of his responsibilities.

A former chief of global consulting business McKinsey & Co, Gupta has been accused of having passed on confidential information on Goldman Sachs Group Inc. and Procter & Gamble Co. (P&G) to hedge fund manager Raj Rajaratnam, founder of Galleon Group LLC.

Gupta, an alumnus of the Indian Institute of Technology-Delhi and Harvard Business School, allegedly disclosed information to Rajaratnam about a $5 billion investment in Goldman by Warren Buffet's Berkshire Hathaway Inc.

Gupta, however, has denied the allegations.