HOME > BUSINESS > INFOSYS Board Backs Vishal Sikka, criticizes Murthy

INFOSYS Board Backs Vishal Sikka, criticizes Murthy

Infosys Ltd director board today came out strongly in support of ex-CEO Vishal Sikka and issued a strong rebuttal to a letter released by Infosys founder Narayana Murthy.

Earlier in the day, Murthy was scathing in his review of the actions taken by the company and its board in addressing concerns of poor accountability and transparency in the company and corporate governance issues.

In reply, the company issued a very detailed statement and sought to address each and every point brought up by the former chairman.

“We simply got one after another anonymous complaints. We have one after another investigations. And after all the investigations, nothing has come to light,” company chairman said today at a press conference, referring to allegations about the acquisition of Panaya.

In February 2015, Infosys announced acquisition of Panaya for a reported $200 million. Prior to the sale, Panaya was in crisis and was on the verge of shut down, after many waves of layoffs. However, the acquisition created some controversy around corporate governance.

Infosys chairman said people making allegations refused to give credibility to anything and anyone, adding that more than one agency has conducted forensic audits.

“We don’t trust the board. We don’t trust world renowned auditors. There must have been some deal done with them.. that is not an acceptable situation,” Chairman R Seshasayee said, characterizing the accusations.

“There is so much we can do to convince people and we have done that. Having done that, we will think, let’s do what is right for the company… We are done with this, we have closed the investigation,” he added.

In a detailed and written rebuttal, Infosys said the letter by Murthy seemed to “attack the integrity of the Board and Management of the Company alleging falling corporate governance standards in the Company.

“The Board takes great umbrage to the contents of the letter and places on record the following:

Mr. Murthy’s continuous assault, including this latest letter, is the primary reason that the CEO, Dr. Vishal Sikka, has resigned despite strong Board support.

Mr. Murthy’s letter contains factual inaccuracies, already-disproved rumours, and statements extracted out of context from his conversations with Board members.

The Board assures its shareholders, employees, customers and communities that it is committed not to be distracted by this misguided campaign by Mr. Murthy and will continue to adhere to the highest international standards of corporate governance as it executes its strategy of profitable growth for the benefit of all Infosys stakeholders.

Murthy’s campaign against the Board and the Company has had the unfortunate effect to undermine the Company’s efforts to transform itself.

The Board has been engaged in a dialogue with the Founder to resolve his concerns over the course of a year, trying earnestly to find feasible solutions within the boundaries of law and without compromising its independence. These dialogues have unfortunately not been successful.

The Board declines to speculate about Mr. Murthy’s motive for carrying out this campaign, including the latest letter. The Board believes it must set the record straight on the false and misleading charges made by Mr. Murthy because his actions and demands are damaging the Company and misrepresent its commitment to good corporate governance.”

Read the full reply here:

INFOSYS-REBUTTAL-TO-NARAYANA-MURTHY

Follow ULTRA.news
Infosys completes acquisition of London-based Brilliant Basics Infosys said it completed the acquisition of Brilliant Basics, a London-based product design and customer experience company.The acquisition was first announced a month ago."Through this acquisition, Infosys further expands its worldwide connected network of Digital Stud...
Indian CEOs find themselves under promoter’s shadow – survey Indian promoters are unwilling to give total management control to professional boards and managers, a survey by Assocham has revealed.A majority of the corporate firms have promoters' holding well over 50 per cent and even those with much lower stake are not willing to bet ...
Infosys included in Dow Jones Sustainability Index Infosys said it has been inducted into the Dow Jones Sustainability Indices (DJSI) and is now part of two of the indices -- DJSI World and DJSI Emerging Markets.The indices measure the economic, environmental and social performance of companies and are based on the companie...
I’m not here to stay – Nandan Nilekani on Infosys Former Infosys CEO Nandan Nilekani, who took over as Chairman of the company to resolve the tension between key shareholders and the management, said he did not join the IT company to run it.He said he was not in the company to step into the shoes of Vishal Sikka, the CEO who...
Narayana Murthy to clarify his stand on Infosys allegations, Vishal Sikka today Infosys founder and former chairman N R Narayana Murthy is all set to lay his cards on the table on his recent allegations about possible corruption at Infosys at a conference call with investors today at 6:30 PM.UPDATE: Murthy's call has been reportedly postponed to next wee...
WATCH LIVE: Vishal Sikka Press Conference on Resignation from Infosys Infosys co-chairman Ravi Venkatesan today assured investors and employees of Infosys that the changes brought about by Vishal Sikka will not be rolled back or lost with the exit of the CEO.Venkatesan was speaking at the press conference organized by the company to address wor...
FULL TEXT: Vishal Sikka’s resignation letter to Infosys board Vishal Sikka, the SAP-veteran who took over as the CEO of Infosys four years ago, has put in his papers after continuing differences of opinion with some of the key shareholders. He will, however, continue as the vice chairman of the company.He also wrote a long letter to the...
Former HUL Vice Chairman joins Infosys board Infosys said it appointed Unilever veteran D Sundaram as an independent director.He is currently the Vice Chairman and MD of TVS Capital Funds Ltd."He joined Unilever Group in 1975 and served in various leadership capacities in Unilever Group in a career spanning over 34 ...
SN Subrahmanyan takes over as Larsen & Toubro CEO Larsen & Toubro Deputy Managing Director and President S.N. Subrahmanyan has taken over as CEO and Managing Director with effect from today.SN SubrahmanyanHe has been on the company's board since 2011 and was named the new CEO in April this year.At the meeting on Apr...
Vishal Sikka says Infosys trying to retrain employees displaced by automation Infosys Chief Executive Officer Vishal Sikka said his company was not overwhelmed by the problem of automation and that it is trying to retrain its staff displaced by automation.Sikka was responding to a question on 'what happened to the 11,000 employees' displaced by automat...
Infosys denies promoter stake sale plans Infosys CEO Vishal SikkaIT services player Infosys again clarified that its promoters had no plans to bring down their stake in the company."Infosys would like clarify reports in the media speculating on plans of stake sale by the promoters," the company said in response...
Raymond shareholders reject sale of JK House flats to promoters Shareholders of Raymond Ltd rejected the sale of apartments in the company's headquarters JK House to certain promoters.Chairman of the company Gautam Singhania had urged shareholders to vote against the resolution as the sale of the apartments would cause losses to the comp...
We expected better numbers: Vishal Sikka of Infosys Infosys Chief Executive Officer Vishal Sikka said the company's performance in the January-March period was below his expectations for various reasons."It is a challenging performance," Sikka said in a post-result press conference. "We were expecting a higher number," sai...
Infosys guides for FY18 growth of 6.5-8.5% in constant currency Infosys Q4 resultsInfosys Ltd said it expects its revenue to grow by a modest 6.5-8.5%, stripped off the impact of currency movements, in the year that started this month.The street was expecting a guidance of 7-9% growth.The guidance is well below the traditional gu...
Snapdeal appoints Jason Kothari as CEO of Freecharge, commits funds E-commerce firm Snapdeal said it has appointed former housing.com CEO Jason Kothari as the Chief Executive Officer of its wallet service FreeCharge at a time when competition in the mobile payments space is at an all-time high.Contrary to rumors of a cash crunch, Snapdeal sai...
Wipro’s TK Kurien steps down earlier than expected After TCS' Chandrasekaran, it is the turn of Wipro's former CEO and current executive vice chairman TK Kurien to retire. He was expected to step down in March.He will step down at the end of this month, a year after he was moved out of the CEO position.“TK and Abid ha...
N Ganapathy Subramaniam appointed new TCS COO COO N Ganapathy SubramanianTata Consultancy Services said it made two appointments in the wake of the departure of Chief Executive officer N Chandrasekaran: N. Ganapathy Subramaniam, elder brother of outgoing CEO Chandrasekaran, has been appointed as the chief operating offi...
Infosys invests Rs 14.5 cr in Danish artificial intelligence startup UNSILO Technology services provider Infosys said it made an investment of 14.92 mln Danish kroners in Danish startup UNSILO from its innovation fund.UNSILO is a Danish artificial intelligence startup founded in 2012 and focus on advanced text analysis.It uses a combination of m...
Infosys invests TidalScale, provider of simple supercomputing software Technology provider Infosys said it made investment in TidalScale, a provider of software-defined server.No details about the financial aspects of the investment were made public.TidalScale's offering, in many ways, is the opposite of virtualization. While virtualizat...
Suneel M Advani to take over as Chairman of Blue Star Air conditioning giant Blue Star Ltd said its Vice Chairman Suneel M Advani will be elevated as the Chairman of the company from 1st December.The current Chairman Ashok M Advani who will turn 75 on November 17 will retire after 47 years of service and will be re-designated as...
Vinod Sawhny resigns as Reliance Communications CEO ahead of Aircel merger looms Reliance Communications said its CEO Vinod Sawhny resigned  with immediate effect for personal reasons."We wish to inform you that the Company has accepted request of Mr. Vinod Sawhny to step down as Chief Executive Officer of the Company with effect from September 30, 2016 t...
Jet Airways promotes Jayaraj Shanmugam as Chief Commercial Officer Jet Airways promoted Jayaraj Shanmugam as its Chief Commercial Officer.Since joining Jet Airways’ in mid-2015 and as Sr. Vice President of Products & Services, Shanmugam has been instrumental in sharpening the organization’s focus towards delivering superior guest engagem...
Anil Ambani’s son Jai Anmol to be appointed Executive Director of Reliance Capital Reliance Capital, the financial services arm of Reliance Anil ambani Group today appointed Jai Anmol Ambani, elder son of Anil Ambani to the companyś board and said he will be appointed as full time Executive Director at the companyś annual general meeting.Jai had first j...
Infosys’s Finacle tops Forrester survey Infosys Ltd said its banking software Finacle has been named the leader among nine top banking platforms in ‘The Forrester WaveTM: Customer-Centric Global Banking Platforms, Q3 2016’.The ranking was done on the basis of 40 criteria focusing on strategy, current offering and m...
Bank of Baroda appoints Ashok Kumar Garg as Executive Director Bank of Baroda appointed Ashok Kumar Garg as their new Executive Director on tuesday. He was General Manager at the bank.He has experience of 37 years in various banking fields in India as well as overseas, the company said.Garg is a Master of Commerce degree with additio...