Infosys’ board under the leadership of   Nilekani, said it had found no wrong-doing in the company’s $200-mn acquisition of  Panaya and severance it paid to  ex-CFO.

Bengaluru : The co-founder of IT major, Infosys Naryana Murthy remained disappointed with the board members of the IT bellwether as the company failed to address concerns around governance raised by him earlier. On Tuesday, Infosys’ board under the leadership of non-executive chairman Nandan Nilekani, said it had found no wrong-doing in the company’s $200-million acquisition of Israeli startup Panaya and the severance it paid to its former chief financial officer Rajiv Bansal, reiterating the results of three independent investigations.

 “I stand by every question on poor governance raised in my speech to Infosys investors dated August 29, 2017. The fact remains that none of these questions have been answered by the Infosys board with the transparency it deserves,” Murthy said in an emailed media statement.

“The core question still is how and why the Infosys board approved an unusual and unprecedented severance payment agreement of 1000% (of the standard Infosys employment contracts) to the former CFO, and why the board did not disclose this information proactively and much earlier. Sadly, it appears we will no longer know the truth,” he added.

Murthy had earlier called for overhauling of the board, wanted the company to release the entire report of the last investigation into an allegation that former CEO Vishal Sikka benefitted from the deal.

Free Press Journal