Full text: Investors want Nilekani back on Infosys board, read the letter
They feel his return will restore stakeholder confidence
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Domestic Institutional Investors (DIIs) have written a letter to Infosys seeking the return of co-founder Nandan Nilekani on the company’s board. Nilekani left Infosys in 2009 to take charge at the Unique Identification Authority of India (UIDAI), the implementing agency of Aadhaar.
The letter mentioned that Nilekani would be the right person to have a “resolution” to the ongoing issues between the board and the management as he is considered a credible leader among customers, employees and all the other stakeholders.
Here is the full text of the letter:
The undersigned represent several of the leading institutional investors of the country. Each of these institutions are shareholders in Infosys.
The recent developments are very concerning to each one of us.
After considerable thought and mutual deliberations, we strongly feel that the Board of Infosys should invite Mr Nandan Nilekani to join the board in a suitable capacity.
In our opinion, he enjoys the confidence of various stakeholders viz, customers, shareholders and employees.
Given his credentials, we feel, that his joining the board at this stage, will restore confidence of stakeholders in the company and also facilitate resolution of the contentious issues that Infosys is facing presently.
We do hope that you will consider the above and do the needful.
Yours Sincerely,
Anand Radhakrishnan, CIO - Franklin Templeton
Anoop Bhaskar, Head - Equities - IDFC AMC
Anup Maheshwari, CIO - DSP Blackrock Investment Managers
Gopikrishna Shenoy, CIO - SBI Life Insurance
Mahesh Patil, Co-CIO - Birla Sunlife AMC
Manish Kumar, CIO - ICICI Prudential Life Insurance
Navneet Munot, ED & CIO - SBI Funds Management
Nilesh Shah, CEO - Kotak Mahindra Asset Management
Prashant Jain, ED & CIO - HDFC Asset Management
Prasun Gajri, CIO - HDFC Life Insurance
Sankaran Naren, ED & CIO - ICICI Prudential AMC
Sunil Singhania, CIO - Reliance NipponLife AMC
| Domestic institutional shareholding in % | ||
| Mutual funds | 8.96 | |
| Insurance companies | 11.02 | |
| Biggest insurance investor | LIC of India | 7.04 |
| Biggest mutual fund investor | HDFC Trustee company | 2 |
| Biggest foreign investor | Oppenheimer Developing Marktets Fund | 2.16 |
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