Infosys crisis News

SES explained that Murthy was able to get "his people" appointed on the Board, forcing exit of other directors.

The Bengaluru-based firm has been in the eye of a storm over the past few months, with the two sides clashing over allegations such as corporate governance lapses and irregularities in Infosys' USD 200-million Panaya acquisition.

Nilekani, along with family, has offered to tender 58 lakh shares. Murthy, along with wife Sudha and two children, has put over 54 lakh shares on the block.

He will continue to hold the position of interim-CEO and MD for a maximum of five years, or until a new CEO and MD is appointed, Infosys said in its postal ballot.

Co-founder Nandan Nilekani has returned to the company for a second innings, this time as non-executive Chairman in a Board-level shake-up that saw the exit of Chairman R Seshasayee along with two independent members.

The founders, led by N R Narayana Murthy, had alleged corporate governance lapses at the country's second-largest software services firm.

The stock jumped 3.14 per cent to close at Rs 941.15 on the BSE. During the day, it went up 4.49 per cent to Rs 953.50.

Terming the return of Nandan Nilekani as Infosys` Board Chairman an excellent idea, Sikka said the latter was an extraordinary leader and an iconic man.

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.

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.

Stating that it was the Board`s "unanimous" decision in wanting him to return to the company, he said he was back with the company as "more than just a founder".

In his maiden address to investors, hours after he began his second innings at Infosys, Nilekani responding to a specific query on the SC verdict said: "I think it's a superb decision".

The architect of unique ID Aadhaar -- a data mine that contains biometric information of a billion Indians -- says life has come a full circle for him, as he heads back to the company he co-founded over three decades ago.

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

Pai also said all the co-founders would collectively take a decision on the return of Nandan Nilekani, a co-founder and former CEO, to the Bengaluru-headquartered IT firm.

On the National Stock Exchange (NSE), the stock closed 2.09 per cent higher at Rs 911.50. During the day, the scrip had touched a high of Rs 918.25 and a low of Rs 902.35.

Rajiv Bansal, former CFO of Infosys, has dragged his former employer to arbitration to claim the remaining Rs 12 crore of his severance pay.

Text of Narayan Murthy`s letter to the media about COO Pravin Rao`s compensation.

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.

IT solutions provider Infosys retaliated against allegations made in the anonymous whistleblower`s letter that was published in newspapers on Monday, stating that the assertions made are libellous and are aimed at tarnishing the image of Infosys and its management.