In a major setback to Infosys Technologies, the company announced that Mohandas Pai, the member of board of the company has decided to resign. Meanwhile, Infosys -- India's second largest software services exports firm -- posted a net profit rise of 17.1% y-o-y to Rs 1,818 crore (Rs 18.18 billion) in its net profit for the fourth quarter ended March 31, 2011 as compared to Rs 1,600 crore (Rs 16 billion) in the corresponding quarter a year ago.
Naved Masood, former secretary in the Ministry of Corporate Affairs and Sebi board member; TV Mohandas Pai, chairman of Manipal Global Education and Dinesh Kanabar, CEO, Dhruva Advisors have ceded their position on the NSE board following end of their tenure.
In a development considered an offshoot of the ongoing restructuring at Infosys, Aditya Nath Jha, a company veteran heading branding and corporate marketing, has resigned.
"We have to improve the institutional framework of companies... (and) need to give more powers and authority to independent directors. Also, the regulations should be enforced much faster," said Infy board member T V Mohandas Pai. Noting that the Satyam case is an aberration and unlikely to affect the domestic IT industry, Pai said the law needs to be amended to ensure that auditing standards are enforceable.
The Tata Sons controversy has raised governance concerns. Arun Duggal and Mohandas Pai on the role of independent directors in such conflict situations.
Vani Kola, Karthee Madasamy, T V Mohandas Pai also invest in the media startup
Overseas investors are scared of putting money in India - and this should worry the government, says T V Mohandas Pai, Chairman, Manipal Global Education and former member of Infosys's Board of Directors.
The corporate affairs ministry has ordered an inspection of the books of Byju's, a senior government official said on Monday amid the edtech major facing multiple headwinds, including delay in submitting financial statements and concerns over corporate governance issues. The inspection of Bengaluru-based Think & Learn Pvt Ltd, which operates under the brand Byju's, will be carried out by the ministry, which is implementing the companies law. The ministry decided to carry out the inspection after taking note of the developments, including that the company has been unable to finalise its financial statements and that its auditor has resigned, the official told PTI.
T V Mohandas Pai, director, Human Resources and member of the Infosys board, is upfront and brutal -- whether it's taking potshots at hallowed institutions like the IITs or IIMs or rubbishing the unrealistic aspirations of today's generation.
Pai argued that at a time when the salary for entry level software engineers had not been raised in the IT industry in India for the past seven years, it was totally wrong to hike the compensation for top-level executives.
The stock exchange BSE has called off the merger of its unit at the Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC), India International Exchange (India INX), with NSE International Exchange (NSE IX), a similar unit floated by rival National Stock Exchange (NSE), according to sources familiar with the development. BSE and NSE had been in discussions for the merger for over a year, but it has yielded no results, they said.
Refutes claims of differences between board, founders and Sikka; board needs to do better scrutiny, says Mohandas Pai.
Infy to cast wide net in CEO search, may go back to 'alumni'
The settlement with Sebi was seen as Infosys admitting guilt of the lapse, clearing out any legal or regulatory challenges and preparing ground for new chief executive officer Salil Parekh.
The move comes after CBI gets sanction to prosecute him in Aircel-Maxis case
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.
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.
"Power to purchase its own equity shares or other securities by way of a buy-back arrangement has been included and provisions relating to nomination facility for shares by a shareholder have been inserted," the Infosys postal ballot notice, uploaded on the company's website, said.
Investors also appreciate the role being played by the founders; analysts, too, remain unperturbed.
I have no hesitation to say that the cultural milieu is different, said chairman R Seshasayee in a rare media interaction.
'The Aam Aadmi Party is the most successful and exciting start-up by an IIT-ian in the history of India,' former Infosys CFO V Balakrishnan tells Rediff.com's Vicky Nanjappa.
The final guidelines should be there in 3-4 months.
The route to that target is clear in Sikka's mind.
An Indian American Silicon Valley entrepreneur has launched a unique initiative designed to get techies to volunteer their time to develop software and applications that will benefit people in India and other developing countries.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances