Having nurtured Infosys for the last three decades, Narayana Murthy would be succeeded by eminent banker K V Kamath as Infosys' Chairman with effect from August 21.
The take by the Economic Survey 2024-25 on work hour week had come weeks after Larsen & Toubro Ltd Chairman and Managing Director SN Subrahmanyan sparked off a raging debate on social media when he said employees should work 90-hour a week, including on Sundays rather than sit at home.
Who do you think is right? Will Murthy's resignation adversely affect Bangalore's development? Or is Deve Gowda's claims correct? Or is it a matter of development versus petty politics? Tell us.
The new chairman of the country's second-largest IT firm acknowledged that he is an "admirer" of Murthy, saying the "iconic visionary" is the father of corporate governance in India.
Infosys chief mentor Narayana Murthy has been felicitated with the Global Leadership and Free Enterprise awards by the University of South Florida in recognition of his entrepreneurial spirit.
While about 8,000 people are in the long list of invitees, the select list features 506 A-listers, including prominent politicians, leading industrialists, top film stars, sportspersons, diplomats, judges and high priests.
Infosys co-founder N R Narayana Murthy is among the 12 "greatest entrepreneurs of our time" according to a Fortue magazine list that is topped by Apple's late chief Steve Jobs.
'The meanness of the board statement apart, it nowhere answers the most fundamental and damaging aspects of the deteriorating work culture among top company executives to which Narayana Murthy had been repeatedly drawing attention,' says B S Raghavan, the distinguished civil servant.
Catamaran, the family office of Infosys founder Narayana Murthy, is targeting 15 per cent returns on its portfolio investments per annum as it shifts focus from early-stage investments to growth and late-stage bets. This would double the firm's assets under management (AUM) from the current $1 billion to $2 billion over the next five years. "For direct investments, we are focusing on growth-stage investments and very selectively on early stage," Deepak Padaki, president, Catamaran, told Business Standard. "(This is) primarily because the early-stage space in India, in the last three-four years, has completely changed. "There has been a huge influx of capital in the last two years. It has become a very crowded space for early-stage investment," he said.
Murthy will also present the inaugural Richard Larkins Oration on the occasion.
The results are better than analysts expectations.
The Infosys' founder expressed the inability of Indians to exchange ideas.
In fact, while IT bellwether Infosys Technologies (his earlier employer) got a drubbing at the bourses for not posting "better than expected" results, iGate stumped investors a couple of days back by announcing it plans to buy back shares from the public and delist from the Indian stock markets, while remaining listed in the US.
The one-time bellwether of the country's IT industry has slid to the third spot in terms of revenue, overtaken by a relative upstart, Cognizant Technologies (TCS is the largest).
NR Narayana Murthy came out of retirement in June to run a floundering Infosys.
Indian Sellers Collective (ISC), a trade association of micro and small enterprises and family businesses, on Wednesday urged IT veteran NR Narayana Murthy to cooperate in the Competition Commission of India's antitrust probe against Amazon for alleged anti-competitive practices. In 2014, Murthy's Catamaran and Amazon had formed a joint venture, Prione Business Services. On Monday, the partners announced that they have mutually decided not to continue the JV beyond May 2022. ISC thanked Murthy for deciding to end the joint venture with Amazon.
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.
Deve Gowda had said that the Infosys boss had made no contribution in the last five years to bring the Bangalore International Airport Limited to fruition.
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.
Murthy also said this is not for the first time that the industry has faced the layoff problem and hence there should not be any extreme anxiety as the industry had dealt the issue and found solutions then.
Infosys chairman N R Narayana Murthy may still be smarting from a spat with a politician, but he was on Saturday asked by Singapore's Prime Minister Lee Kuan Yew
His stepping down from the NDTV board has now sparked off speculation over whether he too is going the Nandan Nilekani way to take up a governmental responsibility.
Infosys co-founder and chief mentor N R Narayana Murthy and Infosys Foundation chairperson Sudha Murthy's daughter, Akshata, is all set to tie nuptial knot with an Indian classmate of hers from Stanford Business School on August 29, family sources said.
Squarely blaming the bureaucracy for India's slow progress, Infosys mentor Narayana Murthy said in order to bring accountability, the government needs to start performance-linked incentives.
Infosys chief mentor, N R Narayana Murthy is likely to become the non-executive chairman of the National Payment Corporation of India (NPCI) being set up to handle the retail payment operations of the Reserve Bank of India.
"There was not a single decision that I took during my second tenure without discussing it with Ranga and getting valuable input from him," says Narayana Murthy.
The proposed Bangalore School of Economics would be on the lines of Delhi School of Economics, for which the University is awaiting clearance from the Academic Council and Syndicate.
Narayana Murthy requested the government to make commuting easier and provide healthcare facilities.
Weighing in on the 90-hour workweek controversy, ITC Ltd chairman Sanjiv Puri said that it is more important for the workers to be aligned to the grander vision of the company rather than the number of hours put in. Giving an analogy of many workers building a castle, he said, "If you ask a mason what he is doing, he might say he is laying a brick, another might say he is building a wall but some might say he is building a castle.
"Reaching an international agreement on how large digital companies are taxed has been a priority for the chancellor since he took office," said a spokesperson for his UK treasury office. "The chancellor's consistent position has been that it matters where tax is paid, and any agreement must ensure digital businesses pay tax in the UK that reflects their economic activities. That is what our taxpayers would expect and is the right thing," the spokesperson said.
N R Narayana Murthy, Chairman, Infosys, has plans to turn the company into a bigger, stronger, and global player.
Not only has the gap between Infosys and the market leader Tata Consultancy Services increased in recent quarters, even Cognizant has overtaken Infosys.
Actor Madhavan recounts his interview with the mentor of Infosys Technologies, Narayana Murthy.
Narayana Murthy, head of software giant Infosys Technologies, has been appointed Thailand Premier Thaksin Shinawatra's adviser on information technology matters.
Asked about his relationship with the founders, Sikka said: "My relationship with the founders? It is wonderful. I meet Mr Murthy quite frequently...I have always had a heartfelt warm relationship with Mr Murthy, probably meet him 4-5-6 times a year."
Dismissing talks that he was running for presidency as speculation, software icon and Infosys Technologies Ltd chief mentor N R Narayana Murthy on Wednesday said one should not spend time debating hypothetical issues.
Murthy met Delhi Chief Minister Arvind Kejriwal last week.
Head of Infosys' European arm, Srinjay Sengupta, has joined technology and operations firm iGATE Global Solutions as its chief sales officer, iGATE announced on Thursday.
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