Top Indian IT firms, such as TCS, Infosys, and Wipro, have signalled taking aggressive cost take-out measures, including reduction in sub-contracting costs, travel expenses, freeze in salary hikes, and holding back variable payments, among others.
Analysts say IT major cleaning up act before new CEO takes over; regulator might take a year
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 aims to achieve an aspirational goal of $20 billion in topline by 2020.
Most Indian IT firms work as system integrators for Huawei and though the exposure is very less as of now, the potential is more due to 5G roll out. As pressure to keep the Chinese firm out of the 5G network grows, other global firms, including Japan's NEC, South Korea's Samsung, Finland's Nokia and Sweden's Ericssion are increasing their investments to grab more market share in the telecom sector.
The board expansion comes against the backdrop of an ongoing tussle between the founders and the management over contentious issues such as CEO salary hike, severance package to former employees and corporate governance standards.
Murthy said he was anguished by the allegations, tone and tenor of statements made by the Infosys board.
Infosys chief Vishal Sikka took home an annual salary package of $7.45 million (about Rs 48.73 crore) for the 2015-16 financial year.
'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.
Ayan Pramanik reports on former Infosys CFO V Balakrishnan's fintech firm, which aims to make borrowing easy for small firms and individuals.
The National Stock Exchange (NSE) has got into firefighting mode to control the reputational damage caused by the Securities and Exchange Board of India's (Sebi's) order against its former managing director and chief executive officer Chitra Ramkrishna and others. According to sources, the exchange's management over the past one week has met several key stakeholders, including officials in the finance ministry and Sebi, major shareholders, and trading members, trying to distance itself from the controversy. The exchange plans to hold more meetings in the coming week to ensure that trading volumes and confidence in the bourse don't get impacted, they added.
Social media platform Twitter is learnt to have written to the government that it is in advanced stages of finalising chief compliance officer as per the new IT rules and additional details will be submitted to the government within a week, according to an official source.
Investors also appreciate the role being played by the founders; analysts, too, remain unperturbed.
'Over the next 10 years we expect more than 100,000 new start ups to come up and create more than $500 billion in value and 3.5 million to be employed in these start ups.' 'And these are the start ups that will be solving India's problems.'
Why top executives are trading cushy jobs for start-ups
'The big thing is on the works on Zero Distance, the initiative to bring innovations in every project.'
'RBI and the economy will gain tremendously from Urjit Patel's experience in both private and public sectors'
For the full 2016-17, Wipro's profit fell nearly 5 per cent to Rs 8,518 crore while total income grew 7.4 per cent to Rs 57,995 crore compared to the previous fiscal.
Most companies often subsidise the sale and the delivery, making losses on their books.
'Expectations were being built up about radical moves and the action plan did not disappoint.'
'Indians are great savers, but they are lousy investors.'
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