Satyam Computers founder and chairman Ramalinga Raju had resigned from the board.

Satyam board meeting is scheduled for December 29. According to analysts, Mr Raju’s resignation wouldn’t make much of a difference to investors. “He is not to be blamed alone…the responsibility lies with the entire board. It was a unanimous decision and this board is in no place to decide on the issue,” said Prabhudas Leeladhar analyst Apurva Shah.

The resignation of the chairman, who is also the promoter of the company, could raise issues of succession, which is far greater than him quitting.Shares of Satyam were down 8.5% to Rs 148.60 on the BSE in intra day trading. The company’s shares have seen severe beating ever since the company board pushed through a decision to buy out two subsidiaries belonging to the promoters’ family. The Satyam board had to later reverse this decision following strong opposition from investors and shareholders.