Key concern was board's poor governance,not personal gain: Narayana Murthy

Nandan M. Nilekani speaks to the media at the Infosys campus in Bangalore

Nandan M. Nilekani speaks to the media at the Infosys campus in Bangalore

"Murthy's call with investors should provide comfort to all stakeholders: That he is not fighting for himself; instead, he is fighting for all the shareholders". "The engagement that I have had with the Board has primarily about corporate governance of the Board and it is surprising to hold somebody raising questions on these serious matters as being responsible for the CEO's resignation", he said. Now, we can all sleep better knowing that, under his leadership, the corporate governance standard practised by Infosys will be on par with the global best standard, " Murthy stated.

Pointing towards his concerns as a shareholder regarding poor governance practised by the previous board, Murthy highlighted a set of inconsistent responses from the board. "You would all agree that the rejuvenation of the Board has already begun with the resignation of Mr R Seshasayee and some other board members".

Seshasayee, 69, who has been an Independent Director on the Board since January 2011, was appointed non-Executive Chairman on June 5, 2015 after incumbent K.V. Kamath resigned to head the BRICS New Development Bank.

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"This concern was dismissed by the former chairman (Seshasayee) as a mere "housekeeping" matter", Murthy said.

The return of Nilekani, who is credited with quadrupling Infosys' revenue to $2 billion, has cheered investors - he is widely expected to end the board's row with founder executives, help clients and boost employee morale.

On October 14, 2016, Seshasayee told Murthy and other co-founders that the Board had agreed to pay a hefty sum to Bansal because they felt generous! As explained earlier, it is this kind of corrective and decisive action that I was looking for in the detailed report. Another board member, Roopa Kudva said they would be informed about the reason only if they signed an NDA.

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On February 12, 2017, a whistle-blower complaint became public, questioning in detail, the events surrounding the severance payment made to the ex-CFO with alleged actions of the Chair of the Board, CEO, COO, General Counsel and Chief Compliance Officer, as well as the ex-CFO.

On the summary of independent investigation into the United States dollars 200 million acquisition of Israeli tech firm Panaya exonerating the management, he said the statement "does not mention whether the investigation addressed the allegations of the whistle-blower regarding the serious governance deficits of the board and the CEO". "These are the only reasons why I asked for the full report to be disclosed", he said. "I would also like to reiterate my confidence in the current senior management of the company", he said. "These actions will bring back the rigour of governance standards at Infosys". "I wish Nandan the best of everything in his effort to bring back "acche din" to Infosys".

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