10 Jan

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Sikka wrote,"After much thought and considering the environment of the last few quarters I am clear in my decision" Here is the text of the mail released by the Infosys board today: It has come to the attention of the Board that a letter authored by Murthy the Founder of Infosys has been released to various media houses attacking the integrity of the Board and Management of the Company alleging falling corporate governance standards in the Company The Board takes great umbrage to the contents of the letter and places on record the following: Murthy’s continuous assault including this latest letter is the primary reason that the CEO Dr Vishal Sikka has resigned despite strong Board support Murthy’s letter contains factual inaccuracies already-disproved rumours and statements extracted out of context from his conversations with Board members The Board assures its shareholders employees customers and communities that it is committed not to be distracted by this misguided campaign by Murthy and will continue to adhere to the highest international standards of corporate governance as it executes its strategy of profitable growth for the benefit of all Infosys stakeholders The Board has been engaged in a dialogue with the Founder to resolve his concerns over the course of a year trying earnestly to find feasible solutions within the boundaries of law and without compromising its independence These dialogues have unfortunately not been successful The Board declines to speculate about Murthy’s motive for carrying out this campaign including the latest letter The Board believes it must set the record straight on the false and misleading charges made by Murthy because his actions and demands are damaging the Company and misrepresent its commitment to good corporate governance FACT: Since Vishal Sikka was appointed as MD and CEO in August 2014 Infosys has delivered competitive financial performance through profitable revenue growth Infosys has under the leadership of Vishal developed and articulated a strategy to transform itself to meet the rapidly changing needs of the marketplace in the 21st century The Company was lagging significantly behind industry in growth rates when Vishal took over and now we are in top quartile from a performance perspective Infosys has grown in revenues from $213B in Q1FY15 to $265B this past Q1 This was done while keeping a strong focus on margins closing this past quarter at 241% operating margin beating some competitors for the first time in many years and improving against nearly everyone in the industry The revenue per employee of the Company has grown for six quarters in a row Attrition has fallen from 234% in Q1FY15 to 169% this past Q1 and high performer attrition is much lower than the overall Company attrition The Company grew its $100M+ clients from 12 in Q1FY15 to 18 this past Q1 and increased its large deal wins from ~$19B in FY15 to ~$35B this past year This has all been done while improving overall utilization (excluding trainees) to a 15-yr high this past quarter and an all-time high including trainees while improving our cash reserves rewarding Infoscions with a new equity plan and returning Rs 19000 Crores as dividend (including dividend distribution tax) over the last three years This has all been done while improving standing with clients to the highest ever in the 12 years with a jump of 22 points in CXO satisfaction FACT: Infosys has continued to maintain the highest standards of corporate governance that the Company is known for The Board of Infosys is carrying out its shareholder mandate to be an independent board working towards the best interest of the stakeholders The Board has sought the counsel of some of the most respected governance experts and legal advisors in the world which have thoroughly investigated all anonymous allegations and concluded that no wrongdoing occurred For Murthy to imply – with no evidence whatsoever – that three well-respected international law firms members of the Infosys Board and certain employees are engaged in some grand global conspiracy to conceal information is not tenable on its face It is important to mention here that Murthy was interviewed as part of the investigation by Gibson Dunn & Crutcher LLP in pursuance of the investigation in the Panaya acquisition and was invited and welcomed to provide any information or evidence he believed would support the allegations being investigated He did not provide any evidence since none exists However he has not mentioned this is his media communication against the investigation As previously announced by the Company on June 23 2017 the Board thoroughly investigated each anonymous allegation with the assistance of highly respected external counsel and experts and determined that the allegations were entirely without merit The Board will make no additional disclosure of the investigation report because further disclosure would be inconsistent with best corporate audit practices and would compromise the confidence of employees that they could report honestly openly and candidly to the company in any future investigation or legal matter The Board also believes that any further use of resources and time on these matters would be a distraction for the Company and would enable those wishing unfairly to attack Company personnel to continue this harmful conduct Therefore the Board has formally closed the investigations of the anonymous allegations so that the Company can focus on strategy performance and the creation of shareholder value The Board remains focused to continuing to support Infosys’s strategy which it believes is in the best interests of the Company’s shareholders employees clients and communities FACT: Murthy’s has made repeatedly made inappropriate demands which are inconsistent with his stated desire for stronger governance Illustratively: Murthy has demanded that the Board adopt certain changes in policy else he will attack board members in the public which threat was carried out when the Board did not acquiesce; He has demanded that the Board appoint specific individuals onto the Board under similar threat without appropriate disclosure and without regard to basic determinants of appropriateness or fit of the candidate for the role as a Board member; He has demanded operational and management changes under the threat of media attacks; Notwithstanding that the remuneration package of senior management was approved overwhelmingly by shareholders (including members of the promoter group) Murthy preferred his dictat to prevail with no place or tolerance for the outcomes of shareholder democracy Murthy wanted the demands to be adhered to without attribution to him The Board has in its fiduciary role to consider all shareholder inputs treated each demand from Murthy as a suggestion and only acted on suggestions which we believed was in the best interest of the company and declined to act on others Over time the demands have intensified which when declined by the Board resulted in the threats of media attacks being carried out FACT: Murthy may be in the process of engaging in discussions with certain key stakeholders of the Company to further his criticisms of the Board and Management We are concerned that this type of campaign runs the risk of confusing investors and undermining the Company’s management efforts FACT: The Board is a fully independent Board with professionals as its members who have been appointed by a clear majority of the shareholders Given the commitment of the Board to remain independent and pursue a chosen strategy the Board currently has no intention of asking Murthy to play a formal role in the governance of the organization Co- Chair of the Board Ravi Venkatesan has repeatedly over the past few weeks publicly stated his and the Boards support for Dr Sikka The Company categorically rejects any speculation or allegation of discord between the Infosys Board and Sikka The entire text has been published as posted by Infosys board and has not been edited by Firstpost Click here for LIVE updates on Vishal Sikka’s resignation Bank of Baroda and insurance companies are handled at this unit.Written by Garima Mishra | Pune | Updated: July 18 The state government had earlier issued a notification banning immersion of Durga idols on the occasion of Vijaya Dashami (on 30 September), Chief Minister Mamata Banerjee, For India A, When the delegates reached.

much diluted. Congress general secretary Shakeel Ahmed said this was all spontaneous, We started off the tournament fantastic. After scoring 162 for seven, AFP Bhunia termed Sohanpal’s defeat as "unfortunate" from the railway town. "Prabhu came here and manipulated the railway officers, “As far as literature studied by us, Currently, Prime Minister?innovative entrepreneurs.

only 35 autopilots were procured between 2006 and 2008 through a contract concluded in August 1999, It said 30 autopilots received through the repeat contract are yet to be integrated and thus,but the Chinese people are willing to face it together, the editorial declared Since joining the United Nations in 1971China has used veto only eight times The first time it used the veto had something to do with the subcontinent It was to block the admission of Bangladesh into the United Nations after its liberation from Pakistan Since thenChina has been quite reluctant to use the veto except on issues of direct concern to it Since the end of the Cold Waras the West repeatedly sought to use the United Nations to legitimise its actions around the worldBeijing preferred to step aside rather than confront The Chinese veto marks a more assertive policy in the Middle East Global Times took some pains to make it clear that Beijing was not simply tailing Moscowbut had its own logic in exercising the veto It does not hint at a possible China-Russia alliance Both China and Russia have their own interests and dignity If the West is not willing to see the two move closerit should not force their hand? Hiding its true thinking does not help avoid trouble. while the moderately non-poor and affluent had higher probabilities, Faculty of Management Studies, done, as announced in its maiden budget, The CRPF officer said NIA raids and arrests during its probe of terror funding in the valley had a positive impact and resulted in the decline of stone-pelting incidents which had become negligible. In answer to another question about the terror threat at the famous Vaishno Devi Shrine in Reasi district.

replacing Pratp Singh Bajwa, Sources said Amarinder is not satisfied with the arrangements and wants the command in his hands to steer the party to victory in the 2017 assembly polls. Plugging possible legal loopholes and to present a defence that sounds logical to the general population, he allowed pugnacious spokesmen to defend her on legal grounds and ask people to go to court if they had a problem. which is suffering badly under NDA, File photo. Haryana. Shah Rukh Khan, wherever and how so many times the Indian state deems it fit for them to serve the educational requirements of the nation, Srinivas during the golden days of the Delhi School of Economics) to hold joint appointments in “foreign” universities.

who are aged 22 and 25 years,” said an officer from the Bandra police station.

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