You are here: Home » Companies » Infosys vs founders » News
Business Standard

Nilekani back at helm of Infosys: Full text of company's press releases

Full text of Nandan Nilekani-led Infosys Technologies' statement to stock exchanges and to the media

BS Web Team  |  New Delhi 

Nandan Nilekani, former chairman of UIDAI
Nandan Nilekani

A day after returning as the non-executive chairman of Infosys Technologies, co-founder addressed the media and took questions on various issues -- ranging from his decision to return and the strategies Infosys would have under him. To some questions, Nilekani referred to press releases that answer several queries that the media might have.

Here is the full text of the press releases -- Infosys' statement to the stock exchanges and to the media:


TO ALL STOCK EXCHANGES
 

August 25, 2017

 
Dear Sir/Madam,
 
Re: Disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015
 
This is to inform you that the Board of Directors of Infosys Limited (the “Company”) has at its meeting today:
 
1.    Discussed and approved the enclosed press release.
2.    Noted the changes to the Buyback Committee in view of the recent Board changes.
3.    Approved the inclusion of the following matters in the upcoming postal ballot to seek shareholders-
a.     Appointment of as the Director of the Company.
b.    Appointment of U B Pravin Rao as interim MD & CEO.
 
 
This is for your information and records. A copy of the Company’s Press Release is attached. 
 
Yours sincerely,
(For Infosys Ltd)

AGS Manikantha
Company Secretary
 

PRESS RELEASE

 
Bangalore - August 25, 2017: The Board of Directors of Infosys Limited met today at a meeting chaired by its newly elected Chairman Mr.   Reporting on the decisions taken at the meeting Mr. Nilekani stated, “I am extremely excited about the future of Infosys.   The Board is focused on bringing complete stability to the Company. It has also tasked its Committee of Directors to work with the CEO and management to review and refresh the Company’s strategy by October.”
 
In recent days there has been considerable discussion of the relationship between the Board of Directors of Infosys Limited and Mr. N. R. Narayana Murthy who established the culture and ethos of Infosys, especially its culture of adhering to high corporate governance standards.  The Board believes it to be unfortunate that various differences of opinion have arisen between Mr. Murthy and the Board in the recent past.   The Board wishes to express that it was not its intention to cause Mr. Murthy or any other affected person any personal distress or anguish while stating its point of view. 
 
 The Company has previously authorized investigations into allegations made by anonymous persons regarding the conduct of prior management, and each of these investigations concluded that there was no wrongdoing.  While the Board and the Company are focused on the future, consistent with the Company’s commitment to good governance, the new Chairman will get a full briefing on these investigations and the appropriate course of action will be decided.
 
As the Board has stated on numerous occasions, it takes the Company’s reputation for high corporate governance standards with the utmost seriousness.   Hence, it has, as previously disclosed, decided that it will engage in further broad-based shareholder consultations to determine what further, if any, the Company can take to ensure that it continues to adhere to high governance standards.  
 
The Board has also approved the appointment of the executive recruitment firm Egon Zehnder to work with its
Nominations and Remunerations Committee to review and identify the right candidate to be the Company’s next CEO and MD.   Additionally, the Nominations and Remunerations Committee will deliberate on the long term governance structure of the Board and present its recommendations at the meeting of the Board in October.
 
The Board announced that Mr D N Prahlad is appointed as the Chairman of Edgeverve Limited with immediate effect.
 
Finally, the Board would like to state that it is firmly focused on ensuring that the affairs of the Company and the interests of all its stakeholders – its customers, employees, shareholders, officers and directors – are harmoniously aligned and enhanced.       

 

First Published: Fri, August 25 2017. 17:28 IST