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Infosys shareholders clear Nilekani's appointment as Chairman

Press Trust of India  |  New Delhi 

shareholders have approved the appointment of as Chairman and UB Pravin Rao as Managing Director.

The Bengaluru-based company, in the of its postal ballot, also said the special resolution for the up to Rs 13,000 crore buyback offer has also been approved by the shareholders with 98 per cent voting in favour, according to a regulatory filing.

There was 100 per cent voting in favour of the proposal to appoint Nilekani as non-executive, non- and the Chairman of the Board by the promoter group and institutional investors, the filing showed.

About 99 per cent by retail investors voting in favour of the appointment, it added.

After months of acrimony between founders and the then management led by R Seshasayee and Vishal Sikka, Nilekani was appointed as the Chairman to steer the tech giant.

Nilekani, who was among the seven co-founders, will not receive any remuneration for his current post, the postal ballot had said.

As of June 2017, promoter group held 12.75 per cent stake in Infosys, while public shareholders accounted for 86.76 per cent stake.

The resolution to appoint Rao has the MD received 100 per cent voting in favour by promoter group and institutional investors and 99 per cent of retail investors agreeing to the proposal.

The resolution to appoint D Sundaram as an independent director on the board was also passed with 100 per cent voting in favour of the proposal.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, October 09 2017. 22:07 IST