Moneycontrol
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Tune in on 17th July for the Small Business Virtual Summit with Cisco. Register now!
Last Updated : Aug 30, 2017 07:47 AM IST | Source: CNBC-TV18

Infosys saga: Pleased that Nandan Nilekani is back, says NRN Murthy

Infosys Co-Founder Nr Narayana Murthy has launched a scathing attack at the previous board of Infosys. In his first interaction with investors after several members of Infosys board resigned and Nandan Nilekani took over as the Non-Executive Chairman of the firm. Murthy said, "My main concern is the poor governance practised by the previous board. This point has been missed in the entire commentary of this episode."

Infosys Co-Founder Nr Narayana Murthy has launched a scathing attack at the previous board of Infosys. In his first interaction with investors after several members of Infosys board resigned and Nandan Nilekani took over as the Non-Executive Chairman of the firm. Murthy said, "My main concern is the poor governance practised by the previous board. This point has been missed in the entire commentary of this episode."

Talking about his various interactions with the previous board members regarding the severance package for Former CFO Rajiv Bansal, Murthy highlighted the inconsistencies in their responses and he said, "Given such a set of inconsistent responses from the board, would not any concerned shareholder come to the conclusion that the board was not being transparent and was, perhaps, misleading us, the shareholders?"

In fact NRN Murthy also reiterated a whistle-blower allegation in this regard that in the AGM in July, Former Chairman R Seshasayee lied about the reason for payments made to the ex-CFO Rajiv Bansal.

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However, the Infosys founder expressed hope that under Nandan Nilekani's leadership, the corporate governance standard practised by Infosys will be on par with the global best standard. He added, "Based on Nandan's media interviews and the recent changes in the board, i believe that corrective actions have already begun."

Shereen Bhan spoke to Suhas Tuljapurkar, Managing Partner, Legasis, Amit Tandon, MD, IIAS, Sandeep Parekh, Founder, Finsec Law Advisors, Moshe Katri, MD, Wedbush Securities, Infosys' Former CFO V Balakrishnan and also spoke to Former SEBI Executive Director JN Gupta.

For more, watch videos...
First Published on Aug 30, 2017 07:47 am

tags #Business

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