'Where is the board's accountability in this whole transaction? The members of the earlier board who participated in approving and defending these acquisition are still in the current board,' the whistleblower said in a mail sent to US SEC and Sebi.
Infosys now plans to re-purpose Skava's micro services-based business and re-focus Panaya's suite of products.
In 2015, Infosys, under the leadership of then CEO Vishal Sikka, had bought Israeli automation technology firm Panaya for around $ 200 million and e-commerce service provider Skava for $1 20 million. The buyouts were mired in controversy owing to allegation of over-payment apart from not being an ideal fit.
First acquisition under Sikka's plan of buying technologies for tomorrow
Sikka reinforces focus on automation & artificial intelligence
Infosys said on Monday it would buy Panaya Inc, a New Jersey-based provider of automation technology, for an enterprise value of $200 million
There were no evidence of any kickbacks, inappropriate contracting or unreasonable expenses
Murthy's letter comes even as Sikka celebrates the completion of three years at the helm of India's second largest software exporter.
The whistle-blower's letter to Sebi said future disclosures on any wrongdoing could potentially not be exposed if Infosys is let off the hook now.
Infosys has said it will look into allegations that $200-million Panaya deal was significantly overvalued.
While Infosys board gave a clean chit to the Panaya deal, Murthy stands firm on his allegations and said, 'sadly, it appears we will no longer know the truth'.
The matter pertains to the Rs 173.8 million severance offer given to former CFO Rajiv Bansal in October 2015 when he was allegedly forced to step down due to differences with then chief executive Vishal Sikka over the acquisition of Israeli technology firm Panaya for $200 million.
Over the last years, taking the helm at Infosys has always had a strong resemblance with taking a roller-coaster ride
Panaya drags Q1 profits though revenue improves on the back of large deal wins, good traction in North America.
She was among the key executives brought in by Sikka from SAP and was overseeing large deals
The results will give an indication whether Nilekani would continue with the software plus services strategy adopted by Sikka, or tweak it to reflect his worldview of the explosion in data.
Sanghrajka has spent 13 years in Infosys over two stints and has performed various leadership roles in the finance section.
According to reports, an anonymous group that calls itself "ethical employees" have written to the Infosys Board as well as American regulator US Securities and Exchange Commission with the allegations. They have claimed that they have emails and voice recordings to substantiate the same.
Nilanjan Roy spent 13 years with Bharti Airtel, prior to which he worked for 15 years with Unilever across their global operations.
March was the first full quarter for Infosys under its new CEO Salil Parekh.
Over the past few months, Infosys has been battling allegations by Murthy and other former senior executives of falling corporate governance standards.
Legal experts fear such shareholder activism could turn into a class-action suit against Infosys
Junking Murthy's claims, Infosys said the board did all it could to look into whistle-blower complaints of corporate governance lapses, particularly those related to acquisition of Panaya.
Former CFO V Balakrishnan seeks exit of Infosys chairman, co-chairman R Seshasayee, co-chairman Ravi Venkatesan, audit committee chairman Roopa Kudva and nomination committee chairman Jeffrey S Lehman.
Describing Murthy as a business icon, T V Mohandas Pai, former CFO of Infosys, said he is more than eminently suited to hold the position of Chairman Emeritus.
New initiatives expected to bear fruit by middle of 2015
Infosys' first non-founder CEO had been granted 232,329 RSUs at Rs 5 a unit.
The founders, who hold 12.75 per cent stake in Infosys, together with a dozen leading institutional investors with a cumulative stake of about 10 per cent forced the Infosys board to bring back Nilekani.
'After some time, they all want to know what is happening in their companies.' 'It is better they remain board members rather than talk outside.'
Sikka has influenced the company to break away from the old mould in more ways than one.
We have to really focus on improving productivity: infy, COO
The Infosys saga shows how efforts to remote-control a company by its powerful promoter, even with good intentions, might hurt the entity, says Asish K Bhattacharyya.
Infosys, however, cut 2017-18 revenue growth guidance to 5.5-6.5 per cent from 6.5-8.5 per cent in constant currency.
Murthy said he was anguished by the allegations, tone and tenor of statements made by the Infosys board.
Nilekani is an organised person and his strength is simplification of complex ideas, said Murthy.
Infosys is looking for acquisitions but for innovative reasons instead of revenue priorities.
In his blog, sikka said, "It is clear to me that despite our successes over the last three years, and the powerful seeds of innovation that we have sown, I cannot carry out my job as CEO and continue to create value, while also constantly defending against unrelenting, baseless/malicious and increasingly personal attacks."
The whistle-blower may strongly feel about the issues he had raised.. the regulator will follow the due legal process and decide, Balakrishnan said.
In January, the company had decided to hand the charge of M&A to Suri.
Will Infosys, which will announce its Q2 results on Tuesday, be able to break away from the single-digit growth rates the IT services sector has been seeing?
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