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Sebi to look afresh into governance-related complaints at Infosys

Tyagi said the regulator is keeping a close tab on the share price movement of Infosys

Press Trust of India  |  New Delhi 

Sebi to look afresh into governance-related complaints at Infosys

Watchdog Securities and Exchange Board of India (Sebi) will look afresh into of alleged corporate governance-related lapses at amid a high profile leadership crisis and public spat between founders and top management of the IT firm.

Top regulatory sources said has received several representations regarding the ongoing crisis, including about allegations and counter allegations from various sides. Some of these came even before announced the resignation of its first non-founder CEO on August 18.

Earlier also, the regulator had looked into alleged corporate governance lapses following a whistle-blower's letter, presumably on Panaya deal and executive pay. However, no concrete evidence has emerged on those matters so.

On Tuesday, Chairman said the regulator is keeping a close tab on the share price movement of "We are keeping a watch on share prices," he had said.

Besides, the government is keeping a close watch on the developments at the software major.

Co-Chairman Ravi Venkatesan had met Corporate Affairs Minister Arun Jaitley on Wednesday.

While several institutional investors and proxy advisors have suggested bringing back co-founder and former CEO Nandan Nilekani, there are also demands for a complete overhaul of Infosys' existing board, sources said.

As the crisis continues at following Sikka's exit, the company's stock crashed 15 per cent for the two straight trading sessions, eroding its market wealth by Rs 34,000 crore. 

First Published: Wed, August 23 2017. 22:27 IST
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