'Sadly, will no longer know the truth': Murthy says after Infosys issues corporate governance clean chit
In a statement late on Tuesday, Infosys co-founder Narayana Murthy said he stands by the questions he had raised on corporate governance at the company.
October 24, 2017 / 10:13 PM IST
Moneycontrol NewsNeha Alawadhi
N. R. Narayana Murthy, founder and chairman of Infosys, listens to a question during an interview with Reuters at the company's office in Bangalore February 28, 2012. Picture taken on February 28, 2012. REUTERS/Vivek Prakash (REUTERS - Tags: BUSINESS SCIENCE TECHNOLOGY PROFILE HEADSHOT) - RTR30CV2
Infosys co-founder NR Narayana Murthy said he stands by all the questions he raised on what he said were falling corporate governance at the company.
In a statement late on Tuesday, Murthy said: "I stand by every question on poor governance raised in my speech to Infosys investors dated August 29, 2017. The fact remains that none of these questions have been answered by the Infosys board with the transparency it deserves.
I am disappointed. The core question still is how and why the Infosys board approved an unusual and unprecedented severance payment agreement of 1000% (of the standard Infosys employment contracts) to the former CFO, and why the board did not disclose this information proactively and much earlier. Sadly, it appears we will no longer know the truth.”
On Tuesday, Infosys’ non-executive Chairman of the Board Nandan Nilekani said that he and the Board were “fully persuaded” that the results of independent investigations into allegations of wrongdoing at the company were correct.
The company also said that former CFO Rajiv Bansal’s severance pay issue could have been handled better but new practices have been put in place to see such an issue does not arise again.
Murthy's concerns over corporate governance practices at Infosys under Vishal Sikka led to the resignation of the erstwhile CEO, who quit citing the "drumbeat of distractions" with respect to Murthy's concerns.
Former Board chairman R Seshasyee who quit soon after Sikka, in a statement, said the company “now deserves a period of stability and undistracted focus on the business. I wish the company all the best.”