This story is from September 02, 2017
Board
members over allegations of lapses. Founders, led by NR Narayana Murthy, had demanded Board re-constitution pointing to a variety of reasons, including whistle-blower complaints of irregularities with Infosys' USD 200 millionPanaya
acquisition and severance pay to former executives. On August 24, the then chairmanR Seshasayee
quit and co-founder Nandan Nilekani was named non-executive Chairman. "As announced on August 25, 2017, the company has started engaging in broad-based shareholder consultations to determine what further actions, if any, the company can take to ensure that it continues to adhere to high governance standards," Infosys said in a BSE filing. It added that during such consultations, "no material unpublished price sensitive information or financial updates will be provided". Earlier this week, Murthy had said his concerns with the previous board were poor governance, ex-CFO being paid large severance as 'hush- money' and alleged irregularities in Panaya acquisition. Seshasayee, however, hit out at Murthy today for carrying out "personal attacks" and making "false and slanderous accusations" against him, saying he was unable to understand the motivation for the persistent vendetta. On August 18, Infosys CEO Vishal Sikka had quit from his position citing slander. TheInfosys Board
-- which was headed bySeshasayee
at that time -- then accused Murthy of running a "misguided" campaign and held him responsible for Sikka's resignation. A week later on August 24, Seshasayee as well as three other directors quit the Board, giving into Murthy's demand for Seshasayee and other Board members to resign. SR SA
Start a Conversation
Post comment