Many say N R Narayana Murthy returned to Infosys only because it was floundering. Ironically, that itself can be interpreted as the great man's biggest failure.
Infosys, in April, had said that it will pay up to Rs 13,000 crore to shareholders during the current financial year through dividend and/or share buyback.
The Tata Group is one of the very few Indian MNCs which has carved out a niche in China's highly competitive market, notes Rup Narayan Das.
Sikka has been appointed as the Executive Vice-Chairman, Infosys said.
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'.
Infosys on Friday posted a 3.5 per cent rise in quarterly net profit, lagging analyst estimates.
Revenue rose 23.4 per cent to Rs 1,655 crore
The June quarter is usually considered as a seasonally strong period for the IT sector.
The company said it will target experienced technology professionals as well as recent graduates from major universities, liberal arts colleges, and community colleges to create the best workforce for the future.
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.
A lot of my decisions are based on idealism, says N R Narayana Murthy
Infosys COO U B Pravin Rao has been named as the interim-MD and CEO of the firm.
According to the capital allocation policy approved by the shareholders in April last year, Infosys plans to give back around Rs 10,400 crore to shareholders by the end of this financial year.
'Vishal Sikka may have realised that he was in no position to deliver on the promise Infosys made to its shareholders.' 'Perhaps he was looking for an escape route and he quit under the cover of "continuous drumbeats of distractions",' says Sudhir Bisht.
Consecutive quarters of missed targets have alarmed the investor community.
'Pravin Rao's commitment and contribution to the company has been immense, and his partnership over the past three years has been critical to the successes and growth of our company,' said Vishal Sikka, chief executive officer at Infosys.
Other losers were Tata Motors, Bharti Airtel, HCL Tech and Bajaj Finance, shedding up to 3.51 per cent. The broader NSE Nifty too tumbled 73.50 points, or 0.63 per cent, to settle at 11,588.35.
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.
Nilekani is an organised person and his strength is simplification of complex ideas, said Murthy.
With employees as brand ambassadors, can the company get the grime off its image?
Murthy said he was anguished by the allegations, tone and tenor of statements made by the Infosys board.
2019, however, will be a bigger test as the firm continues to deal with rising attrition and margin pressure.
Indian IT major Wipro on Saturday announced the resignation of its CEO Thierry Delaporte and named Srinivas Pallia as the new chief executive officer effective immediately. Wipro's Board noted the resignation of Delaporte with effect from April 6, 2024, the company said in a BSE filing, and added he will be relieved from the employment of the company with effect from the close of business hours on May 31, 2024.
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.
India's second richest person Gautam Adani received a total remuneration of Rs 9.26 crore in the fiscal year ended March 31, 2024, lower than most industry peers as well as his own key executives.
Infosys has cash in excess of $6.1 billion, which would come down by one-third after the payouts.
Infosys is yet to announce its 2014-15 results.
Larsen & Toubro, Axis Bank, Reliance Industries, UltraTech Cement, Mahindra & Mahindra, IndusInd Bank, ICICI Bank and Tata Steel were the other big gainers. Sun Pharma, HCL Technologies, Asian Paints, Nestle and Infosys were the laggards.
Infosys needs to be more innovative and disruptive with its product and services, keeping its focus on growth.
However, the company says it will suspended promotions and salary increments this year.
The company has raised its revenue outlook for FY2019-20 in constant currency to 10-10.5 per cent, from its topline guidance of 9-10 per cent given in October.
The company said the committee, headed by independent director D Sundaram and assisted by independent legal counsel Shardul Amarchand Mangaldas & Co, and PricewaterhouseCoopers, found that the "allegations are substantially without merit".
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.
The latest one being Ken Toombs, global head of consulting at the Bengaluru-based entity.
March was the first full quarter for Infosys under its new CEO Salil Parekh.
One possible way of accelerating National Education Policy's outcome is to invite 10,000 retired highly accomplished teachers from the developed world and from India in STEM areas to create 2,500 "Train the Teacher" colleges in the country's 28 states and eight union territories, Murthy said.
Company appoints Parvatheesam K as compliance officer.
Without panning Narayana Murthy's credentials, executives in many of these firms feel they are not sure about company's future.
Infosys president and board member B G Srinivas has resigned, the company said on Wednesday, the latest in a series of senior management exits at India's second-largest software services exporter.
In FY16, Infosys had 48 employees in India who were paid more than Rs 1 crore in annual compensation, as compared to 111 in FY15.
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