Over the past few months, Murthy has been critical about the functioning of the board, while questioning the corporate governance practices at Infosys.
The Rs 13,000-crore buyback scheme, which will begin on a yet-to-be-announced date, will see the company plough back 20.51 per cent of its paid-up equity and free reserves of cash as on June 30, 2017 to the shareholders of the firm.
Vishal Sikka resigns as CEO: Infosys and its founder executives, led by Murthy, have been at odds since February. Sore points include increases in Vishal Sikka's salary, what they argue was the overpriced acquisition of the Israeli automation firm Panaya and severance packages offered to some executives.
Sikka, the first non-founder chief executive of the company, announced his sudden resignation following a protracted war of words with the founders group, led by Narayana Murthy. The move is also likely to calm some former executives who had been clamoring for a buyback.
Underlining his passion for technology, Vishal Sikka in his resignation letter to Infosys Ltd also mentioned a recent demonstration of AI capability where a bot built by the researchers at OpenAI defeated the world’s best players of DOTA2, a multiplayer online video game, after learning it from scratch.
No change in share buyback plan, says chairman Seshasayee; m-cap tanks to around Rs 2,12,033 cr
As Vishal Sikka announced his resignation as CEO of Infosys, blaming “increasingly personal attacks”, industry experts say he had led the company to outperform its peers on the very parameter that Murthy had listed six years ago — net income margins.
Sikka in his resignation letter said that his decision to leave stems from continuous “false, baseless, malicious and increasingly personal attacks” that have created “an untenable atmosphere”.
The Opposition Congress Friday demanded a CBI investigation monitored by the Supreme Court into what it called “corrupt practices” of the company.
“Four of our NEO aircraft (A320) are grounded due to the engines being stuck at customs. We are awaiting certain clarifications post the implementation of GST, which has led to unplanned flight cancellations," an official statement from the airline read.
In moves that raised issues of boardroom governance, the Infosys board of directors rallied behind Vishal Sikka and tore into chief founder N R Narayana Murthy, saying he forced the exit of the CEO with his “continuous assault”.
Vishal Sikka was appointed as the CEO of Infosys Ltd in 2014, making him the first CEO who was not also one of its founders.
The company said Sikka, the first non-founder CEO of Infosys, has abruptly resigned due to the "continuous assault" and "campaign" by founder and ex-chairman NR Narayana Murthy.
Infosys CEO Vishal Sikka, in his notice to the board, said he was resigning because of "a continuous stream of distractions and disruptions'' that were stumbling blocks in managing the company.
Murthy said he will reply to 'these allegations in the right manner and in the right forum and at the appropriate time.'
The response came in as a rebuttal to a media report published on Thursday, which stated that the Tata Group has decided not to have any business dealings with SP Group.
According to the latest DRI notice, the agency has found that several coal traders were directly importing Indonesian coal to Indian ports by allegedly routing the invoices “through one or more related /associated intermediary firms based abroad” after artificially inflating its value.
Winfried Heinen, chairman of the executive board of directors of General Reinsurance AG, said linking Indian business with global capital will help the reinsurer to offer cheaper services in the country.
With the rising popularity of localised content among the Indian users, global platforms such as Netflix and Amazon Prime Video are focussing on tapping the market
Five websites have been asked to carry out immediate "self-examination and correction" to remove vendors that sell illegal virtual private networks (VPNs), according to a notice posted by the Zhejiang provincial branch of the Cyberspace Administration of China (CAC), China's top cyber regulator.
The sunset clause under the scheme, which will benefit about 4,284 eligible industrial units in Jammu & Kashmir, Uttarakhand, Himachal Pradesh and northeastern states, has been approved till March 31, 2027.
A senior official at the Ministry of Electronics and Information Technology said that through this exercise the government aims to scrutinise in hardware component as well as preloaded software and apps to find potential loopholes.
According to the Sebi notification, it has eased the norms for restructuring in stressed companies that are listed on exchanges as well as resolution plans approved under the Insolvency and Bankruptcy Code (IBC).
As of now, the participating DISCOMs have to issue Bonds worth approximately Rs 37,000 crores, which would be done in due course. Rest of the debt with DISCOMs is mostly in the nature of CAPEX, which pays for itself, or Scheme based debt.
The Blue Whale challenge is reportedly a digital suicide game in which the player is given certain tasks to complete for a period of 50 days and the final task leads to suicide. The player is also asked to share photos after finishing the challenge.
As per ministry estimates, quoted from the Dalit Indian Chamber of Commerce and Industry (DICCI), there are about 1,000 Dalit entrepreneurs in the country, with a combined turnover of Rs 60,000 crore.
"PB Balaji, Executive Director, Finance and IT and CFO, has tendered his resignation from the board of the company to explore an opportunity outside the company," HUL stated.
The auction will be conducted through MSTC Ltd. The Supreme Court on August 10 rejected Sahara chief Subrata Roy's plea to allow the firm to repay its investors till July 2019.
The ED has argued that the share price agreed to be paid by Tata Sons at Rs 58 per share was much higher than the fair market value of Rs 23.34 per share on 10 November, 2014 — the date when Tata Teleservices applied for RBI approval for making the payment to DoCoMo.
The MoLE in its advisory in January 2016 suggested states not to inspect start-ups during first 3 years of their existence under six specific labour laws.
Both Care and Icra accorded Adlabs Entertainment, which reported a big loss of Rs 117.18 crore in 2016-17, a default rating for long-term borrowings. The agencies are concerned about the firm’s weak liquidity.
During interrogation, the accused confessed that they sold these wild life related items through portals - Snapdeal, India Mart, Wish and Buy, and Craft Comparison. Initially, the accused defended themselves by claiming that the items are not related to wildlife.
The CBI has two cases against him -- one related to the IDBI Bank case and the other related to a loan default of over Rs 6,000 crore filed on the basis of a complaint from a State Bank of India-led consortium. He is facing extradition to India.
"Consequent upon acceptance of resignation of Gurdeep Singh Sappal, CEO, RS TV, with effect from August 12, 2017, he is directed to hand over the charge of CEO, RSTV to Shashi Shekhar Vempati, CEO, Prasar Bharati," said an order of the Rajya Sabha Secretariat
Bond investors on Friday gave a $1.8 billion boost to Tesla Inc's balance sheet by snapping up the electric car maker's first foray into the U.S. junk bond market, where yield-hungry investors have raced to lock in relatively higher returns.
The division and hostility emerging among Uber investors and directors opens a new front in a highly unusual public battle for Silicon Valley.