Were ICICI’s executives on Subhiksha’s board sleeping?

I recently read that Renuka Ramanathan and Rajeev Bakshi, both senior executives of ICICI ventures, were on Sibhiksha’s board. Also, according to CEO of Subhiksha, ICICI was in complete control of the Board with the CEO incharge of day-t0-day activities. Now it seems that both these ICICI executives have resigned fearing lawsuits.