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Last Updated : Oct 25, 2019 04:42 PM IST | Source: Moneycontrol.com

Infosys announces stock incentives for over 6,000 mid-level employees

Salil Parekh, its CEO, would be granted performance-based incentives in the form of RSU worth Rs 10 crore, which was opposed by close to 21 percent of public shareholders and came under scrutiny in light of the recent development

Infosys on October 24 announced stock incentive option to its mid-level 6,949 eligible employees in the form of restricted stock units (RSU).

"This is to inform that 2,298,020 stock incentives in the form of RSUs were granted to 6,949 mid-level eligible employees of the company/subsidiary companies under the 2015 Stock Incentive Compensation Plan," the company said in a statement to the stock exchanges.

“The date of grant for these stock incentives is November 1, in line with the company’s compensation calendar timelines. The exercise price will be par value of shares. These RSUs will generally vest in four equal instalments,” the company added.

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In April, Infosys’ board had approved performance-based stock ownership programme for employees. Close to five crore shares were allocated to incentivise employees.

Salil Parekh, its CEO, would be granted performance-based incentives in the form of RSU worth Rs 10 crore, which was opposed by close to 21 percent of public shareholders and came under scrutiny in light of the recent development.

On October 24, Infosys also informed the stock exchanges that the SEC has started an investigation based on the complaint by the whistleblowers. The latter have bolstered their claim with emails and voice recordings that show that Parekh and CFO Nilanjan Roy violated corporate governance norms and window-dressed accounts.

As reported by Moneycontrol, Infosys could be in the unenviable position of parting ways with Parekh and Roy if the whistleblowers’ allegations of corporate misgovernance prove to be substantially true.

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First Published on Oct 25, 2019 08:46 am
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