HCLTech expects its recent large acquisitions to contribute about 1.5 per cent to revenue in 2026-27 (FY27), Chief Executive Officer and Managing Director C Vijayakumar said, as the company looks to build newer revenue streams in a subdued macroeconomic environment.
Infosys said the nominations committee will shortlist and evaluate an internal slate of candidates with the assistance of Development Dimensions International, a company specialising in corporate executive evaluations.
A case was registered against Infosys co-founder Senapathy Kris Gopalakrishnan, former IISc Director Balaram and 16 others under the Prevention of SC/ST Atrocities Act. The case was filed based on the directions of the 71st city civil and session court (CCH). The complainant, Durgappa, who belongs to the tribal Bovi community, alleged that he was falsely implicated in a honey trap case and dismissed from service in 2014. He further claimed he was subjected to casteist abuse and threats.
Infosys Technologies will soon induct two of its top executives to its board, to fill the vacancies left by the resignations of human resources and administration director Mohandas Pai and co-founder K Dinesh.
Post the sale, Batni's stake in the firm declined to 0.095 per cent (549,847 shares).
A day after it received Rs 32,403 crore GST demand, Infosys on Thursday said Karnataka state authorities have withdrawn the 'pre-show cause' notice to the company and directed it to submit further response to the Directorate General of GST Intelligence (DGGI) on the issue. India's second largest IT company had made headlines on Wednesday after GST authorities slapped a Rs 32,403 crore notice on it for services availed by the company from its overseas branches for five years starting 2017.
India's second largest IT services company Infosys has been slapped with a 'pre-show cause' notice for alleged GST evasion to the tune of about Rs 32,403 crore. In a BSE filing, the Bengaluru headquartered IT firm said Karnataka State GST authorities have issued a pre-show cause notice for payment of GST of Rs 32,403 crores for the period July 2017 to March 2022, towards the expenses incurred by overseas branch offices of Infosys Ltd, and added that the company has responded to the pre-show cause notice.
Infosys Technologies has announced the appointment of Deepak Satwalekar, managing director & CEO of HDFC- Standard Life Insurance, as the lead independent director in line with the company's commitment to good corporate governance practices.
Seshasayee has been an independent director on the company's board since January 2011.
The nominations committee of the board had earlier recommended Kamath's induction as an additional director. Kamath, at the end of April 2009, stepped down as CMD of ICICI Bank and is now the non-executive chairman.
Wipro on Wednesday reported a 25.9 per cent year-on-year rise in consolidated net profit for the March quarter to Rs 3,569.6 crore, but warned of a weak quarter ahead with up to 3.5 per cent expected drop in IT services revenue for Q1FY26, amid global uncertainties. CEO and Managing Director Srini Pallia said clients remain cautious in the face of macroeconomic uncertainty.
This time an anonymous whistleblower made an appeal to market regulator Sebi to probe an agreement made by the tech giant with some of its ex-directors.
Industry players said IT hiring was not as strong as it was in 2022. One reason is the high bench IT firms have due to earlier hiring.
Punita is the founder and managing partner, Pacific Paradigm Advisors
The move to set up the UID Authority of India, under the aegis of the Planning Commission, is aimed at providing a unique identity to the targeted population of the flagship schemes to ensure that the benefits reach them, information and broadcasting minister Ambika Soni told reporters here after the Cabinet meeting.
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.
Parekh, who is joining the company from Capgemini, will take over on January 2, 2018..
Infy to cast wide net in CEO search, may go back to 'alumni'
Vishal Sikka who was made vice-chairman till his successor was appointed, also quit the board with immediate effect.
Murthy will hand over his role to K V Kamath, who has been an independent director on the Infosys board since May, 2009.
With revenue growth impacted and uncertainty deepening in major markets, India's second largest IT services firm, Infosys, saw a net reduction in its headcount in the fourth quarter of financial year 2022-23 (Q4FY23). Infosys' workforce saw a net reduction of 3,611 employees, bringing its total headcount to 343,234. This was also the first time in many years that the company did not provide a hiring target for the next fiscal.
Legal experts fear such shareholder activism could turn into a class-action suit against Infosys
The whistleblower, claiming to be an employee working in the finance department, said he was submitting a 'whistleblower complaint' unanimously as the matter stated was 'volatile' and that he feared retaliation on disclosing the identity.
New strategy for Infosys by October, says Nandan Nilekani. New chairman's other priorities: Hiring CEO, reviewing Panaya probe reports.
After news of KV Kamath stepping down as the non-executive chairman, Infosys is on the hunt for filling up the post.
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.
Among the 30 Sensex firms, Tata Motors jumped over 4 per cent, followed by Bajaj Finserv, Bajaj Finance, HCL Technologies, ITC, Reliance Industries, Tech Mahindra, Maruti and State Bank of India. Reliance Industries climbed nearly 2 per cent after Mukesh Ambani, chairman and managing director of the firm, said the board of the company will meet on September 5 to consider issuing bonus shares in the ratio of 1:1.
Rao, in his letter, appealed to employees to stay the course, focusing on execution and expanding the services that the company had built over the past few years.
'The problem is not the performance under Vishal Sikka, but the quality of Infy's board of directors, argues Debashis Basu.
I have no hesitation to say that the cultural milieu is different, said chairman R Seshasayee in a rare media interaction.
He may make a comeback as co-chairman at India's second largest software exporter.
India's second largest software services firm Infosys on Monday said it will announce its financial results for the September quarter on October 13. "A meeting of the Board of Directors of the company will be held on Tuesday and Wednesday, October 12 and 13, 2021...to approve and take on record the audited consolidated financial results of the company and its subsidiaries as per Indian Accounting Standards (INDAS) for the quarter and half year ending September 30, 2021," a regulatory filing said.
Restricted stock units can be an effective tool to curb employee attrition and retain key talent
Sikka has been appointed as the Executive Vice-Chairman, Infosys said.
During a session titled 'Sustaining Democracy; Nurturing Democracy', he claimed that tightening the already stringent Unlawful Activities (Prevention) Act (UAPA) in a way that kept people like Siddique Kappan in jail for two years without bail is one of the many ways the current dispensation has 'managed to depart from the democratic spirit of the Constitution'.
For the first time since its inception over thirty years ago, these exits will lead the company to have a non-founder CEO.
Sanghrajka has spent 13 years in Infosys over two stints and has performed various leadership roles in the finance section.
The culture clash isn't the only issue - most of the founders are still wary of risky bets while the new management thinks calculated aggression is necessary in the new world of business, says Shyamal Majumdar.
The fee of Rs 6 lakh consists Rs 1.5 lakh in respect of each application for each alleged offence by the company and Rs 25,000 by each of the current and former key managerial personnel for each alleged offence.
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