Sikka reaches out to ex-Infy employees

Vishal Sikka, chief executive and managing director of Infosys, is said to have thanked former employees for their role.

He wrote to them, "You are part of an exclusive network of driven individuals and are integral to this success you helped create. We continue to foster the hierarchy of ideas, be obsessive about our performance and be proud of what we do together."

In an unrelated move, three former sernior executives at the Bengaluru-based IT giant have demanded that the company buy back shares worth Rs 11,200 crore to correct its valuations compared to its competition. 

The three former employees -former chief financial officers T V Mohandas Pai and V Balakrishnan and former senior vice-president D N Prahlad - have written to the company's board to "immediately" consider a buyback of shares. They believe the company must do so because there is a "dramatic valuation disconnect" between the shares of Infosys and its peers, and this needs correction.

Pointing out the "abrupt nature" of management change at Infosys had initially raised "serious concerns, not only in our minds but among many stakeholders", the letter said the board should go for a Rs 11,200-crore (roughly 40 per cent of the company's current cash and cash equivalents) share buyback to show confidence in the company and its new CEO. A copy of the letter has been reviewed by Business Standard.