As four founder families sold part of their Infosys holdings on Monday, CEO Vishal Sikka said monetisation of shares for philanthropic and entrepreneurship purposes was in line with the company's values.
The report, published by brokerage firm Ambit Capital Research, also says the promoters hold disproportionately high board representation with respect to their total shareholding in the Bengaluru-based company.
Infosys CEO Salil Parekh, has praised the company's founders for building an "incredible organisation", and exuded confidence that the firm which "has always been solid" will "continue with that stability." Parekh - who steered the firm to stability after a bitter spat between founders and then-management a few years back - believes that Infosys is "well positioned" to leverage tech-led growth opportunities over the next several years. Parekh took over at the helm in January 2018, after a standoff between board and founders, including NR Narayana Murthy, over issues such as governance, led to the exit of then-CEO Vishal Sikka.
Chandrashekar Kakal was operational head of the India business unit.
Despite a shrinking market share and declining profitability, Murthy's return helped Infosys get a double thumbs-up from investors.
Staff left India's second largest IT services exporter Infosys Ltd at an unprecedented pace in the last quarter, worrying its management and raising investors' concerns about its ability to win lucrative contracts even as it posted a higher-than-expected net profit for the period.
Foreign institutional investors (FIIs) have continued to remain bullish on the Narayana Murthy-led Infosys, taking their holdings to record levels.
Infosys chief N.R. Narayana Murthy has said the company is looking at reducing the number of top officials and subcontractors at onsite locations in a bid to reduce operational costs, according to Barclays.
Infosys has has the highest proportion of non-independent directors on its board.
UK Chancellor of the Exchequer Rishi Sunak has written to his boss, Boris Johnson, to be referred to one of the British Prime Minister's independent advisers to review all his ministerial declarations of interest amid a row around his family's tax affairs. The Indian-origin finance minister, who has been fighting back attacks over wife Akshata Murty's tax arrangements in India and also Opposition allegations around his own finances, said in a Twitter post on Sunday that he is confident the independent review by House of Lords peer Christopher Geidt, the Independent Adviser on Ministers' Interests, will provide "further clarity". "My overriding concern is that the public retains confidence in the answers they are given and I believe the best way of achieving this is to ensure those answers are entirely independent, without bias or favour," Sunak states in his letter to Johnson.
Senior exits and across the board attrition have started affecting the company's ability to grow business
The company might hire a foreigner chief executive officer for the first time.
Murthy on Saturday said the nation's second largest IT services firm had "diluted focus on meritocracy and accountability" in the past decade, forcing him to take "hard and tough decisions."
This is the first time, perhaps, Infosys has appointed as CEO a person who has never managed P&L or has any experience in managing lakhs of employees.
Sikka will take over from current Chief Executive SD Shibulal, one of the engineers who founded Infosys, on August 1.
Monday's notices seek damages of Rs 2,000 crore (Rs 20 billion) each from The Times of India and The Economic Times, both owned by Bennett, Coleman & Co, and The Financial Express, owned by the Indian Express group, alleging some of their articles defamed Infosys.
No impact of exits on client engagements, says company.
Under a year of him as executive chairman, Infosys, has had "stellar" performance, N R Narayana Murthy said of his second innings at the top in an email to employees.
Outgoing Infosys co-founder and chairman N R Narayana Murthy on Wednesday said the sacrifices made by his colleagues in the initial days of the company was unparalleled.
Global recovery and internal shake-up at Infosys have worked in tandem.
Some media reports stated that Rohan has been designated as a vice president, which is a relatively senior position in the company.
According to sources privy to the development, Murthy has chosen a team of four senior executives -- former Infosys India business unit head Binod Hampapur Rangadore, Ranganath D Mavinakere, Deepak Padki and Rohan Murty.
India's corporate sector sees big ticket deals in 2013.
The panel's report could be considered while framing the final document for the 12th five-year Plan.
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.
The company is reaping the benefits of change as focus shifts back to traditionally-profitable businesses and deal volumes.
Be it the industry laggard performance or harassment allegations by overseas employees, Infosys has a tough road ahead and investors will look at Sikka to sort out the issues.
Spend on IT in US is expected to increase by 6.1 per cent in 2014.
Asked if there was a timeline to see a turnaround at Infosys, Kamath said the country's second largest software services firm was a profitable company.
About 24 mn shares of Infosys worth Rs 575 cr were traded on both the exchanges on Friday compared to a three-month daily average of 14.5 mn shares worth about Rs 365 cr.
Without panning Narayana Murthy's credentials, executives in many of these firms feel they are not sure about company's future.
Infosys on Friday posted healthy growth in earnings for July-September 2013, and raised the lower end of its FY14 revenue guidance, indicating the company had regained its momentum.
Infosys Ltd's refocus on big-ticket contracts since the return of its founder has begun to pay off as India's No. 2 software services exporter crossed $2 billion in quarterly sales for the first time and pushed up its revenue outlook.
Analysts said the company has set conservative revenue guidance that they expect it to beat.
Perhaps the greatest positive for Mr Sikka is his job knowledge and career record.
The succession strategy has an unmistakable stamp of Murthy's sharp management and leadership acumen - a trait he has been regarded for all this while.
Today, staff morale down the line is low, attrition last year scaled a new high, and even clients have expressed concern at the state of things.
Last year, salary increases were given only in October, when the company came under pressure from increments offered by peers.
Top-level exits at Bangalore-based Infosys may have led to concern about the company's medium-term growth, but these have contributed to Executive Chairman N R Narayana Murthy's strategy of cost optimisation.
Murthy's recent US trip helped to curb company's inflexible, arrogant perception
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