Hyderabad: Putting an end to the speculation over his resignation, former McKinsey & Co chief Rajat Gupta, accused of insider trading in the US, resigned from the chairmanship of the Indian School of Business (ISB), Hyderabad on Monday.

The ISB confirmed his resignation and is on lookout for the new chairman for the executive committee of the board.

"Rajat Gupta has requested the ISB executive board to relieve him of his board responsibilities till his pending matter with the US SEC is resolved. This, and the appointment of the new chairman, will be tabled at the upcoming board meeting on April 2, 2011," an ISB spokesperson said.

Gupta, who is the co-founder of ISB, may not attend the upcoming board meeting scheduled for April 2, sources said.

Earlier, Indian-American Rajat Gupta had resigned from three corporate boards, including American Airlines.

Gupta, a former board member of Goldman Sachs and Proctor & Gamble, has denied the charges level against him by the American regulator.

"We also note the statement of counsel for Rajat Gupta, which asserts that the allegations are totally baseless. The ISB community is confident that Rajat Gupta will be vindicated. He continues to be the Chairman of the ISB executive board," ISB had said in a statement earlier.

(Agencies)