Company Snapshot : Infosys
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But before we get to that, I have repeatedly criticized the Indian media as blockchain infosys mysore and sensationalist. Here is a good example. It never addresses what Sikka had to say in his leaving letter. Later, the author acknowledges that Infosys issued an additional company statement and BSE filing although there is no link, I believe it is this one. Mint goes on to make the claim that:. By being miserly with disclosure, the board has allowed the scandal to fester.
It now appears that one course may depend on the other. By not accepting the findings and taking to the media, Murthy has kept a hungry media well fed. Adding spice to the mix, Murthy, co-founder and at the center of the drip feed of media speculation is reported to have made a statement that was read by the Infosys Board during an blockchain infosys mysore call earlier today:.
I am extremely anguished by the allegations, tone and tenor of the statements. I voluntarily left the Board in and am not seeking any money, position for blockchain infosys mysore or power. My concern primarily was the deteriorating standard of corporate governance which I have repeatedly brought to the notice of the Infosys board.
It is below my dignity to respond to such baseless insinuations. However, several shareholders who have read the whistle-blower report have told me that it is hard to believe a report produced by a set of accused, giving a clean chit to the accused, and the accused refusing to disclose why they got a clean chit!
They say that this is not the way an impartial and objective investigation should be held. I will reply to these allegations in the right manner and in the right forum and at the appropriate time.
It prefaces remarks saying:. The Board has been engaged in a dialogue with the Founder to resolve his concerns over the course of a year, trying earnestly to find feasible solutions within the boundaries of law and blockchain infosys mysore compromising its independence. These dialogues have unfortunately not been successful. Another way to look at this is to say that Murthy wants things his way or no way. And so it seems. More blockchain infosys mysore statements come next:. The Board has sought the counsel of some of the most respected governance experts and legal advisors in the world, which have thoroughly investigated all anonymous allegations and concluded that no blockchain infosys mysore occurred.
Murthy to imply — with no evidence whatsoever — that three well-respected international law firms, members blockchain infosys mysore the Infosys Board and certain employees are engaged in some grand global conspiracy to blockchain infosys mysore information is not tenable on its face. It is important to mention here that Mr. He did not provide any evidence since none exists. However, he has not mentioned this is his media communication against the investigation.
In short, Murthy is using unsubstantiated claims and, more importantly, cannot produce ANY evidence to back his claims. That is an extremely serious statement when weighed agains blockchain infosys mysore continued questioning of the report outcome by Murthy and parroted blockchain infosys mysore the media. It is inconceivable that the Board would issue such a strongly blockchain infosys mysore statement without documentary evidence to back blockchain infosys mysore those points.
This goes to the heart of governance. When a Board is faced with a shareholder acting in this manner, it is very difficult to fight back although it is possible. The Board should have called his bluff on every occasion, setting the record straight, pointing to undue influence and meddling in matters blockchain infosys mysore by law.
Specifically, it is not up to shareholders to demand changes of the kind being suggested. If it feels strongly enough, then shareholders need to muster enough votes to force change. That has never been possible. The last year or so, Indian media has been on a feeding frenzy at Infosys and Murthy has been more than happy to keep throwing enough incendiary tidbits to keep the hacks gainfully employed.
I am so not surprised when considering how lazy Indian media has been on this topic. But those words were in the mix somewhere and were highly damaging. Regardless of the merits of any discussion on this topic, the Infosys Board has put itself in a difficult position. It claims support for Sikka, with some suggestions blockchain infosys mysore they asked him to reconsider before he pulled the resignation trigger. This was a topic that Sikka and I talked about a few times in the past.
Even now, the Board is not clear because to claim a lack of governance and then to shoot down the very work Murthy wanted completed makes no sense. I was always under the impression that Infosys was like blockchain infosys mysore sieve, leaking continuously from multiple orifices and that someone needed to get in front of the media fallout.
Now the Board is playing hardball in a game where it is down in the 9th inning. The chances of salvaging this one are remote. The only way to understand this right now is to go back to my quote from Vinnie Mirchandami on my earlier post: Infosys must be an extreme example of how founders and early execs continue to meddle years blockchain infosys mysore they should have retired and played golf.
They insist on showing up in customer visits, speeches at events, shareholder events etc. In the meantime, we have blockchain infosys mysore wait and see how investors respond.
About the only thing that Mint is right to consider is whether the share price tanks enough for the founder-promoter group to acquire enough shares to forma block that can unseat the Board. If that happens then all bets are off for the future of this blockchain infosys mysore but now dysfunctional company. Mint goes on to make the claim that: Adding spice to the mix, Murthy, co-founder and blockchain infosys mysore the center blockchain infosys mysore the drip feed of media speculation is reported to have made a statement that was read by the Infosys Board during an analyst call earlier today: I have read the statement issued by the Board of Directors of Infosys.
It prefaces remarks saying: More serious statements come next: Murthy has demanded that the Board adopt certain changes in policy, else he will attack board members in the public, which threat was carried out when the Blockchain infosys mysore did not acquiesce; He has demanded that the Board appoint specific individuals onto the Board under similar threat, without appropriate disclosure and without regard to basic determinants of appropriateness or fit of the candidate for the blockchain infosys mysore as a Board member; He has demanded operational and management changes under the threat of media attacks; Notwithstanding that the remuneration package of senior management was approved overwhelmingly by shareholders including members of the promoter groupMr.
Murthy preferred his dictat to prevail with no place or tolerance for the outcomes of shareholder democracy.
Murthy wanted the blockchain infosys mysore to be adhered to without attribution to him. The elephant in the room Regardless of the merits of any discussion blockchain infosys mysore this topic, the Infosys Board has put itself in a difficult position.
Except it was Murthy who selected the bride in this case.