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Infosys: Sebi seeks details on board meeting

Last updated on: June 14, 2013 11:03 IST

Infosys: Sebi seeks details on board meeting

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Harichandan Arakali and Himank Sharma in Bengaluru/Mumbai

Securities and Exchange Board of India has sought details from Infosys Ltd about a board meeting held on the day founder N R Narayana Murthy was re-appointed to an executive role in the company.

Infosys did not disclose the nature of the information sought by Securities and Exchange Board of India.

Sebi routinely seeks clarifications from listed companies without citing reasons, and the requests for information are not necessarily an indication of an official investigation.

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Image: N R Narayana Murthy.
Photographs: Rajesh Karkera/Rediff.com

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"Sebi has sought certain clarifications from us relating to the Board meeting held on June 1st and we have provided the same.

"We will fully co-operate with Sebi and provide all necessary information in this matter," Infosys said in the statement to Reuters on Friday.

Murthy returned to Infosys as executive chairman on June 1, 11 years after he was chief executive of the company, to help turn around the outsourcing services provider after two years of disappointing results.

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Image: Infosys' pyramid-shaped building in Bengaluru.
Photographs: Courtesy, Infosys

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Shares in Infosys had gained 3 per cent on May 31, the day before Murthy's appointment and as the broader NSE index fell 2.3 per cent.

Volumes in call options in Infosys had also surged on that day, according to Thomson Reuters data.

Infosys had no immediate comment beyond the statement.

A Sebi spokesman wasn't immediately available for comment.

(Additional reporting by Nishant Kumar in Hong Kong)


Image: S D Shibulal, CEO, Infosys
Photographs: Vivek Prakash/Reuters

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