Business Companies 25 Oct 2017 Infy clean chit to P ...

Infy clean chit to Panaya deal, but Narayana Murthy disappointed

DECCAN CHRONICLE.
Published Oct 25, 2017, 2:40 am IST
Updated Oct 25, 2017, 2:40 am IST
This comes as a severe blow to the chief whistleblower and key co-founder of Infosys, NR Narayana Murthy.
Vishal Sikka (Photo: PTI)
 Vishal Sikka (Photo: PTI)

Bengaluru: Tech bellwether Infosys on Tuesday, which gave a clean chit to the controversial Panaya deal, done by its former CEO Vishal Sikka.

The company's new non-executive chairman Nandan Nilekani said there was no merit in the allegations of wrongdoing in Panaya acquisition. He further said the company reaffirmed the previous findings of external investigations into this buyout and there are no plans to make the investigation documents public.

 

This comes as a severe blow to the chief whistleblower and key co-founder of Infosys, NR Narayana Murthy. The company has been in the eye of the storm in past several quarters after Murthy raised several questions, including the lapse of corporate governance, paying a hefty severance package (`17 crore) to its former CFO Rajiv Bansal and acquiring Panaya at an inflated value of $200 million.

"I am disappointed. The core question still is how and why the Infosys board approved an unusual and unprecedented severance payment agreement of 1000 per cent (of the standard Infosys employment contracts) to the former CFO," he said in a statement here.

 

"Also, why the board did not disclose this information proactively and much earlier. Sadly, it appears nobody will know the truth," he said.

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