'Unwell' Murthy postpones conference call with Infosys investors
This comes days after Vishal Sikka quit as CEO and blamed Infosys co-founder for his resignation.
Mumbai: Days after Vishal Sikka stepped down from Infosys as chief executive and managing director, co-founder N R Narayana Murthy on Wednesday put on hold a conference call with investors and shareholders, according to media reports. News agency IANS on Tuesday had reported that Murthy was expected to put forth his side of the story in the entire Vishal Sikka saga.
In the meanwhile, Murthy has chosen to stay mum and has said nothing as the drama over Sikka's resignation unfolded. Infosys board has concurred with Sikka saying that Murthy's trade slamming "corporate governance lapse" at Infosys was "distraction".
Infosys' global investors' community was expected to attend the event. Apart from Indian stake holders, investors from countries including England, Hong Kong, Singapore, and the United States were likely to attend through a pre-regitration procedure.
On August 18, Vishal Sikka revealed in an email to Infosys employees that he was resigning as CEO and MD, an announcement that sent shock waves through out the corporate India. Sikka had blamed Murthy for his resignation.
Infosys shares crashed more than 12 per cent on Friday as the news poured in. It triggered company's market capitalisation dwindle by more than Rs 22,000 crore on Friday itself. Stocks continued their losing streak on Monday and the decline went up to 13 per cent after which the company lost around Rs 34,000 crore of its market value.
The tussle between the Infosys board that included Vidshal Sikka and founders led by Narayana Murthy started to surface on the ground when Murthy criticised in public "corporarte governance lapse" at Infosys. Murthy had raised several questions over hefty severance pay and higher remuneration to top bosses.
In 2014, Infosys had said it will give Rajiv Bansal, outgoing chief financial officer, a severance pay of Rs 33 crore, which according to Murthy "was never seen in corporate India's hostory". However, Infosys had later clarified that it did not give Bansal the full identified amount.
