In a virtual clean chit to former CEO Vishal Sikka, the board of Infosys, led by chairman Nandan Nilekani, said it has found no wrongdoing in the acquisition of Israeli company Panaya under the leadership of Sikka.
Nandan Nilekani said his priorities were to find a CEO, reconstitute the board and shape future strategy, as he sought to calm investors unnerved by the recent exit of Vishal Sikka. “I have come in to focus on the future of the company, I have come in to take the company forward and deal with its challenges,”
On Thursday, The Indian Express reported that founders and former senior officials of the company had managed to persuade co-founder Nandan Nilekani to head India’s second-largest IT company. The official announcement for the appointment was made on Thursday night.
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.
A section of employees are, however, not very downcast about the change of guard and are of the view that there is substance to rumours of wrong doing that has been swirling around since the end of the first year of Vishal Sikka’s tenure
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.