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Vishal Sikka Resigns Live: Infosys Chairman Rubbishes Narayana Murty's Charges

News18.com | August 18, 2017, 6:21 PM IST
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Infosys lashed out at fresh charges by founder NR Narayana Murthy, saying suggestions that world-renowned law firms will “connive” with the board twice to overlook alleged “misdeeds” of a CEO and
give a clean chit were “completely untenable”.

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Aug 18, 2017 6:10 pm (IST)

CLICK TO READ | UB Pravin Rao: All You Need to Know About the Interim Infosys CEO

While Rao was made the interim CEO, Sikka was appointed the executive vice-chairman to ease the transition.

Aug 18, 2017 6:05 pm (IST)

Infosys says Murthy's charges 'completely untenable'

The Infosys Board has lashed out at fresh charges by founder NR Narayana Murthy, saying suggestions that world-renowned law firms will "connive" with the board twice to overlook alleged "misdeeds" of a CEO and give a clean chit were "completely untenable".

The comments came after Murthy said that several shareholders, who had read the whistle-blower report, had told him that an "impartial and objective investigation" does not happen in the manner in which Infosys' probe was conducted. Infosys Chairman R Seshasayee rubbished the claims saying that probe had been conducted by world renowned firms.

Aug 18, 2017 5:17 pm (IST)

CLICK TO READ | The Infosys Saga: When Narayana Murthy & Vishal Sikka Locked Horns

New Delhi: Days before Vishal Sikka quit as Infosys MD & CEO, co-founder Narayana Murthy had claimed in an email that he had been told by independent directors that Sikka was more suited as a Chief Technology Officer than Chief Executive Officer.

Aug 18, 2017 4:39 pm (IST)

The Infosys old guard – former CEO Nandan Nilekani and former CFO V Balakrishnan – met founder NR Narayana Murthy as soon as news broke that Vishal Sikka had resigned as the MD and CEO of Infosys, reports CNN-News18’s Nagarjun Dwarkanath. A source confirmed to News18 that the meeting took place at Murthy’s Bengaluru office. 

Aug 18, 2017 4:05 pm (IST)

Sensex dives 271 points, Infosys crashes 9.6% as Sikka resigns

Vishal Sikka's resignation as Infosys CEO today dealt a big blow to stock indices as the Sensex plunged 271 points while the Nifty managed to end above 9,800. The sharp fall in Infosys scrip dragged down the market. The stock burnt its fingers as the biggest loser -- sinking as much as 9.60 per cent to Rs 923.10 -- after the surprise announcement. Intra-day, it hit a low of Rs 884.40.

Aug 18, 2017 3:28 pm (IST)

I will be the first to step down, if it solves the problem. Have asked the board three times in last 18 months about me stepping down. Problems will not go away with  us stepping away. Question of misdeed is the core of  the problem. We are all professionals here, we will continue to the job entrusted by the shareholders: R Seshasayee  

Aug 18, 2017 3:24 pm (IST)

The reason I came to Infosys is Infosys. Joined Infosys for its reputation and corporate governance that it stands for. Unfair to say that we have  botched the governance standard: Vishal Sikka

Aug 18, 2017 3:19 pm (IST)

CLICK TO READ | Rs 27,000 Crore and Counting: Investor Wealth Erased by Free Fall of Infy Stock

The fall in the scrip topped 10% and broke the lower circuit, which stopped the trade of Infy shares on the exchange briefly.

Aug 18, 2017 3:09 pm (IST)

Don't agree to the idea that the Infosys board has let me down, they have done a phenomenal job: Vishal Sikka.

Aug 18, 2017 3:03 pm (IST)

Several complaints received by Infosys in the past; all were duly investigated and duly closed. Don't know any other company which has put out investigation into anonymous complaint in public domain: R Seshasayee 

Aug 18, 2017 2:57 pm (IST)

Concerns about Rajiv Bansal's pay were legitimate, board did its job of looking into it. Taking every anonymous complaint to shareholders would be destructive for the organisation. Wrong on Murthy's part to cast asperions on audit carried out by international law and audit firms. World-renowned, independent audit firms conniving with board, not once but twice, is untenable: R Seshasayee

Aug 18, 2017 2:48 pm (IST)

Not too worried about co's ability to hire new global talent. We are constantly hiring new talent, not worried about any impact on international hiring. Hiring thousands of people in US over next few years, Says Vishal Sikka

Aug 18, 2017 2:44 pm (IST)

Sure that the iconic status of Infosys will attract global talent. I will not pretend that road ahead will be easy. So long as we do what is right for Infosys and adhere to corp governace standards we are doing our job. We've done everything possible, but there is a point beyond which we cannot go which causes discomfort to employees:  Seshasayee

Aug 18, 2017 2:43 pm (IST)

We have to adhere to shareholders wish. There is no dissent within Infosys board. There will be no change in Share buyback plan, have made commitment on how much and when to return cash to shareholders. None of the things set in motion will stop or change: Seshasayee

Aug 18, 2017 2:40 pm (IST)

New CEO should not bring about major cultural change: Seshasayee, chairman of Infosys board

Aug 18, 2017 2:38 pm (IST)

No doubt that Vishal Sikka is a phenomenal guy, the world knows it. He has blossomed as a leader. The Board is committed to the strategic direction set by him: Ravi Venkatesan 

Aug 18, 2017 2:37 pm (IST)

Will appoint new CEO by March 31, 2018. New CEO should buy into vision and strategy of Cos. New CEO should have people oriented skills to handle 200,000 employees of Infosys. Board, committee will have to examine if internal or external candidate fits CEO role: Venkatesan

Aug 18, 2017 2:36 pm (IST)

Just before the Infosys  press conference began, Narayana Murthy released a statement saying it is  below his dignity to respond to such baseless insinuations.

Here is Narayana Murthy's full statement:

I have read the statement issued by the Board of Directors of Infosys.

I am extremely anguished by the allegations, tone and tenor of the statements.I voluntarily left the Board in 2014 and am not seeking any money, position for children or power. My concern primarily was the deteriorating standard of corporate governance which I have repeatedly brought to the notice of the Infosys board.

It is below my dignity to respond to such baseless insinuations. However, several shareholders who have read the whistle-blower report have told me that it is hard to believe a report produced by a set of accused, giving a clean chit to the accused, and the accused refusing to disclose why they got a clean chit! They say that this is not the way an impartial and objective investigation should be held.   

I will reply to these allegations in the right manner and in the right forum and at the appropriate time

Aug 18, 2017 2:31 pm (IST)

There are moments when changes become unavoidable. Have no interest and am not in contention for Infosys CEO job. I was not in contention in 2014, am not now: Ravi Venkatesan

Aug 18, 2017 2:24 pm (IST)

What was difficult to deal with was continuous allegations and continuous noise around the same thing. We came to conclusion that I will stay on as executive vice chairman, help in transition and UB Pravin Rao will be interim CEO: Vishal Sikka  

Aug 18, 2017 2:22 pm (IST)

I started more than 3 years ago on this journey, I am proud of the results we achieved. Automation and Invocation my main endeavour. Have kept a steadfast focus on margin, says Vishal Sikka. He further says. "No plans for what I will do in the future. Have improved revenue per employee for 6 quarters. I will focus on strategy".

Aug 18, 2017 2:17 pm (IST)

In many ways it is a sad day, but in many ways it might help things: VishalSikka on his resignation as CEO Infosys

Aug 18, 2017 2:15 pm (IST)

Infosys press conference following resignation of Vishal Sikka. Ravi Venkatesan says With incredible sadness have accepted the resignation of Vishal Sikka , fully understand his reasonthes for stepping down. "I would say let me add my word of thank to Vishal for all what he has done to this company... As a board I would like to say not only we will try to make the transition smooth but we will create an enviornmnent that is stable. I would thank Vishal for doing what he has done for the company", said Ravi Venkatesan.  

Aug 18, 2017 2:13 pm (IST)

CLICK TO READ | Infosys Board Blames Narayana Murthy's 'Campaign' for Vishal Sikka's Exit

"The constant unsubstantiated allegations caused substantial damage to the morale and culminated in the departure of Sikka," Venkatesan told investors in a conference call on Friday morning.

Aug 18, 2017 1:26 pm (IST)

Infosys shares has fallen 10 percent, contributing 65 percent to the Nifty's losses. 

Aug 18, 2017 1:22 pm (IST)

In a scathing attack on N R Narayana Murthy, Infosys Board today blamed his "continuous assault" as the primary reason for CEO Vishal Sikka quitting the company and ruled out a formal role for the co-founder in the company's governance. There has been no immediate comments from Murthy on the allegations. 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.

Aug 18, 2017 12:44 pm (IST)

Happy that Vishal sikka is around for the foreseeable future; Sikka’s resignation has brought the board together in cohesive way. Have done everything that is reasonable to assuage the founders. Have reached a situation which is not tenable. Will consider board level changes if needed: Ravi Venkatesan , Infosys Co-Chairmain  

Aug 18, 2017 12:27 pm (IST)

Ravi Venkatesan , Infosys Co-Chairmain  says board at this point has no intention to invite Narayana Murthy  to play formal role in governance. The management will work towards achieving "stability" before the next CEO takes over. He further says that the company will focus on performance now. 

Aug 18, 2017 12:15 pm (IST)

"25 new services were launched in the past three years which contributed 8.3% to revenue," said Sikka. He further says have dual challenge of operational efficiency, execution while increasing client base. 

Aug 18, 2017 12:08 pm (IST)

CLICK TO READ | The Infosys Saga: When Narayana Murthy & Vishal Sikka Locked Horns

New Delhi: Days before Vishal Sikka quit as Infosys MD & CEO, co-founder Narayana Murthy had claimed in an email that he had been told by independent directors that Sikka was more suited as a Chief Technology Officer than Chief Executive Officer.

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Vishal Sikka Resigns Live: Infosys Chairman Rubbishes Narayana Murty's Charges
File photo of Infosys co-founder NR Narayana Murthy.
The comments came after Murthy said that several shareholders, who had read the whistle-blower report, had told him that an “impartial and objective investigation” does not happen in the manner in which Infosys’ probe was conducted. Infosys Chairman R Seshasayee rubbished the claims saying that probe had been conducted by world renowned firms.

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