Moneycontrol
Aug 23, 2017 02:42 PM IST | Source: CNBC-TV18

Top fund managers write to Infosys board, pitch for Nandan Nilekani's return

According to the signatories of a letter to the board, Nilekani enjoys the confidence of customers, stakeholders and employees and his return to the board would instill credibility.

ByNisha Poddar

Top fund managers and Domestic Institutional Investors have written to the board of Infosys pitching for the return of co-founder Nandan Nilekani in a "suitable capacity".

According to the signatories of the letter, Nilekani enjoys the confidence of customers, stakeholders and employees and his return to the board would instill credibility.

Vishal Sikka, the first non-co-founder CEO of Infosys, stepped down on Friday citing continuous distractions and increasingly personal attacks on him. In a strongly worded email to the stock exchanges, the Infosys Board blamed Murthy’s “continuous assault” as the primary reason for him putting down his papers.

Over the past few months, Infosys has been embroiled in controversy after founder NR Narayana Murthy raised issues of corporate governance at the company and questioned some of the decisions that had been taken by Sikka.

In the letter, the investors have expressed concern over these developments. They feel Nilekani would be able to facilitate the resolution of "contentious issues".

Nilekani was Infosys' CEO for five years till 2007. He left the software major in 2009 to become Chairman of the Unique Identification Authority of India (UIDAI). Nilekani held the role till 2014 before resigning to unsuccessfully contest Lok Sabha elections. Nilekani is a serial investor in various startups.

Nilekani has yet to comment on the recent strife at the company. The Nilekani family has a 2.29 percent stake in Infosys as per the quarter ended June this year.

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