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Vishal Sikka resigns News
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Seshasayee, however, hit out at Murthy on Friday for carrying out "personal attacks" and making "false and slanderous accusations" against him, saying he was unable to understand the motivation for the persistent vendetta.
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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.
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The founders, led by N R Narayana Murthy, had alleged corporate governance lapses at the country's second-largest software services firm.
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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.
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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.
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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.
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Infosys shares plumbed a more than three-year low on Monday but have risen since on expectations of Nilekani`s return.
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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".
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Longevity of the organization has been his ambition and driving force, founded on the cornerstone of a strong value system, they said.
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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.
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Infosys' market valuation touched Rs 2,00,617 crore, while that of Indian Oil Corporation was marginally higher at Rs 2,00,645.9 crore at the closing on the NSE.
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Sikka's resignation has plunged Infosys into crisis with the company facing several issues, including a suitable replacement as CEO.
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The stock slumped 5.37 per cent to close at Rs 873.50 on BSE. During the day, it slipped 5.75 per cent to Rs 870 -- its 52-week low.
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Sikka's resignation from IT major Infosys is the second high profile exit of an 'outsider' from a big corporate after Cyrus Mistry was removed as chairman of Tata Sons in November last year.
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The board, which has blamed co-founder N R Narayana Murthy for the CEO's resignation, has said it will find a replacement by March 31, 2018.
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The development comes a day after the IT major, which is also listed in the US, saw its CEO Vishal Sikka resign citing slander by founders, led by NR Narayana Murthy.
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The buyback decision comes a day after the company`s Chief Executive Officer (CEO) Vishal Sikka resigned and was appointed Executive Vice-Chairman till a new CEO takes charge by March 31, 2018.
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As an action-packed day unfolded at Infosys with the abrupt exit of CEO Vishal Sikka, amused twitteratis exhibited their witty sides with hilarious digs and puns around an otherwise acrimonious corporate drama.
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Once a poster boy of Indian IT success story, Infosys has been battered by intense acrimony, with founders accusing the board of poor corporate governance on issues like executive pay and acquisitions.
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