Infosys Board News

The shares were bought back at a volume-weighted average price of Rs 1,648.53 per equity share. The highest price at which the equity shares were bought back was Rs 1,750. Infosys board had approved an up to Rs 9,200 crore buyback plan.

R Seshasayee said that he had always been candid and truthful in all his statements concerning Infosys.

Murthy said the lesson learnt from the entire episode is that when there is a cloud around how the organisation is being governed, one must speak up.

Murthy said he hoped the company`s management would rally behind Nandan Nilekani who was named as non-executive chairman last week.

Sikka's resignation as CEO last week escalated the tensions between the founders and the management of India's second largest software company. He was then named Vice- Chairman.

Infosys shares plumbed a more than three-year low on Monday but have risen since on expectations of Nilekani`s return. 

Nilekani has been called in to steer Infosys after chairman R Seshasayee and three other directors quit, meeting the key demand of founder group led by N R Narayana Murthy.

The company said in a statement, read out by Nilekani, that the Board is focused on the future, consistent with the commitment to good governance.

Nandan Nilekani, who was named Infosys Non-executive Chairman last night, today said that he will be able to offer more details of the strategy in October and is focussed on bringing "complete stability".  

Longevity of the organization has been his ambition and driving force, founded on the cornerstone of a strong value system, they said.

Former Infosys CFO V Balakrishnan on Tuesday said the board of the IT major is blaming co-founder N R Narayana Murthy over Vishal Sikka's exit as CEO "just to hide its own failures".

In a strongly worded statement, the country's second largest software services firm defended Sikka's performance saying under him, Infosys has delivered profitable revenue growth.

Infosys on Monday vehemently defended the hike in its COO UB Pravin Rao's compensation, saying the revision was arrived at after benchmarking against peers.

Echoing co-founder N R Narayana Murthy's view, former Infosys CFO V Balakrishnan today said a pay hike for a top executive is "terrible for any leadership" when subordinates were being asked to "sacrifice" on wages.

In a letter that was released to media, he also said that given the current poor governance standards at Infosys, the targets for variable pay may not be adhered to if the board wants to favor a top management person.

Infosys on Thursday said its board has approved pay hike of its Chief Operating Officer U B Pravin Rao.

The public spat between Infosys founders and its Board has triggered a debate whether it is possible for people to distance themselves from the company they create, with industry experts saying it tends to be a tightrope walk.

Infosys Chairman R Seshasayee. Watch the full segment for more details.

Former CFO Mohandas Pai. Watch the full segment for more details.

Infosys Chairman R Seshasayee on Tuesday said he has reached out to the company's billionaire co- founders to see that the rift between them and the management over corporate governance issues does not spill into the open.