Infosys, Wipro may follow suit as investors eye a piece of the large cash kitty as growth slows.
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.
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.
An appraisal of performance of the board and practice of values and their synergy with the organisational strategy are all crucial for an organisation to evolve into an institution, say Ramachandran Kavil & Sougata Ray.
Sikka has influenced the company to break away from the old mould in more ways than one.
Infosys is steadily trying to get back its lost ground under Sikka.
In a breather to the troubled edtech company, the steering committee of lenders has agreed to amend a $1.2 billion term loan with Byju's by August 3, 2023, the lenders announced on Monday. Successful execution of the amendment would "immediately" solve the loan's acceleration and end all open litigation while avoiding further enforcement actions, they in a statement. An e-mail sent to Byju's did not elicit a response.
Between 2000, when Steve Ballmer became the chief executive officer of Microsoft, and now, when he has announced his retirement, the company's earnings have more than doubled and its revenues have increased over three-fold.
Gender diversity is important to the success of companies,he said.
The transformation will be driven by the number of initiatives the company has identified.
Global banking giant HSBC on Monday said Infosys chief mentor N R Narayana Murthy will join its board in May with an annual renumeration of 65,000 pounds (about Rs 52 lakh).
Nandan Nilekani, co-founder and chairman of Infosys and the founding chairman of UIDAI, has donated Rs 315 crore to the Indian Institute of Technology (IIT) Bombay.
Group of ministers to review progress every fortnight.
An expert committee, set up by the Supreme Court to probe allegations against the Adani group following a bombshell report from a US short seller, has members with potential conflict of interest, a fresh petition filed in the apex court on Monday said.
'Considering Pai is putting his own personal money in Byju's, stakeholders in the company can look forward to more governance and transparency.'
The route to that target is clear in Sikka's mind.
'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.
India's largest IT firm Tata Consultancy Services (TCS) on Friday said its Board will consider a buyback proposal on January 12. "...the Board of Directors will consider a proposal for buyback of equity shares of the company, at its meeting to be held on January 12, 2022," a regulatory filing said. No other details of the buyback proposal were disclosed. The Board of the Mumbai-based company is scheduled to meet on January 12 to approve and take on record the financial results of the company for the third quarter and nine months ending December 31, 2021.
My interest is to work with young entrepreneurs to build businesses and see if I can add value to the boards of other global companies.
'Let us hope that with Nandan, like Cincinnatus back on his farm, taking over the reins, Infosys will not only regain its vigour and momentum, but vastly improve upon its achievements as a global player,' says B S Raghavan, the distinguished civil servant.
Debate on, as part of wider plan to have products & platforms business as another unit.
IT major TCS CEO Rajesh Gopinathan has reigned, and the company nominated its global head of the BFSI division K Krithivasan as the CEO Designate with immediate effect, the firm said on Thursday. Gopinathan will continue with the company till September 15, 2023, to provide transition and support to his successor.
As a major contributor to exports, the IT industry has greater responsibility to perform better in view of the huge Current Account Deficit facing India, said N R Narayana Murthy, whose appointment as Infosys Executive Chairman was ratified by shareholders on Saturday.
'The end of WFH has made achieving work-life integration more challenging for women.'
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.
Top gainers from the Sensex pack are Infosys, Cipla, NTPC, ITC and Lupin
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.
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.
Investors also appreciate the role being played by the founders; analysts, too, remain unperturbed.
Vani Kola, Karthee Madasamy, T V Mohandas Pai also invest in the media startup
Nilanjan Roy spent 13 years with Bharti Airtel, prior to which he worked for 15 years with Unilever across their global operations.
Some of external candidates being considered for the post of CEO include Bhaskar Ghosh of Accenture, Ritesh Idnani of Tech Mahindra, Ravi Kumar S of Infosys, and Nitin Rakesh of Mphasis, among others.
Infosys is on a growth path post a dull Q4.
Murthy's charges, he said, are patently false and slanderous.
Balakrishnan, head of the BPO, Finacle and India business units at Infosys, is widely seen as a contender for CEO after the incumbent S D Shibulal's term ends in 2015.
The Central Board of Direct Taxes (CBDT) has extended various tax returns filing deadlines till December 31 this year but it will continue to levy interest on delayed payments made after July 31, the original due date. Officials say tax payment has to be done through net banking, and the assessee doesn't need to use the e-filing portal, which has been facing glitches. So, taxpayers have to bear the interest payment liability of 1 per cent per month on the outstanding tax for those who filed a return after July 31.
The Bengaluru-based firm has also inducted founder and CEO of Surya Software Systems D N Prahlad as an independent director on its Board, effective October 14, 2016.
Stating that he has no intention to become CEO of the company, he said the future strategy of Infosys will be aligned with global developments and he sees tremendous opportunity in software data and machine learning.
'There will only be an institutional solution between the board and the founders to take Infosys forward.'
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