Rajat Gupta quits as PHFI chairman

Rajat Gupta, former chief executive of consulting major McKinsey, accused by the US Securities Exchange Commission of conspiring with hedge fund executive Raj Rajaratnam in an insider trading scam, has resigned as the chairman of the governing board of the Public Health Foundation of India (PHFI).

Rajat Gupta, former chief executive of consulting major McKinsey, accused by the US Securities Exchange Commission of conspiring with hedge fund executive Raj Rajaratnam in an insider trading scam, has resigned as the chairman of the governing board of the Public Health Foundation of India (PHFI).

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"Gupta sent his resignation last night," K Srinath Reddy, president, PHFI, told HT.

PHFI is an autonomous public-private-partnership initiative aimed at assisting the growth of India's existing public health training institutions and facilitating their evolution.

"The resignation will be considered by the 30-member governing body, which is due to meet later this month," Reddy said.

Sources said Gupta's resignation is likely to be accepted. PHFI is managed by an independent, governing board that has representatives from multiple constituencies.

The 30-member governing board includes RIL chairman Mukesh Ambani, Nobel laureate Amartya Sen and Planning Commission deputy chairperson Montek Singh Ahluwalia.