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Journalism of Courage
US-based outsourcing firm iGate said majority of its shareholders have consented to the removal of former CEO Phaneesh Murthy from the firms board for cause.
Murthy,who was sacked on May 20 as iGates chief executive for not disclosing a relationship with a subordinate,ceased to be its board member effective Friday.
A majority of the shareholders of iGATE Corporation removed Phaneesh Murthy for cause from the Board of Directors by written consent in lieu of a meeting. Murthys removal is effective June 7,2013, iGate said in a filing to the US Securities and Exchange Commission SEC.
No positions were held by Murthy on any committee of the Board of Directors at the time of his removal,it added.
Murthys removal was not due to a disagreement with the company on any matter relating to the companys operations or practices. Rather,the shareholders determined that it was in the best interests of the company to remove Murthy from the Board of Directors for cause because he engaged in conduct detrimental to the company,including without limitation,violating company policy and breaching his duty of good faith in his dealings with the Board of the Directors, it said.
