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As it happened: Nandan Nilekani returns to Infosys, first media briefing, investor meet

Nandan Nilekani has been called in to steer Infosys after chairman R Seshasayee and three other directors quit, meeting the key demand of founder group led by NR Narayana Murthy

FP Staff August 25, 2017 18:00:39 IST
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As it happened: Nandan Nilekani returns to Infosys, first media briefing, investor meet

Highlights

17:00 (ist)

Reboot is over, now it is time to rebuild and repair, says Bloomberg column


Meanwhile, a Bloomberg
column said Infosys with the latest change, the reboot of the company is over. Now it is time to rebuild and repair.


"As the board is further revamped, the Bangalore-based software services company will complete the correction of its corrupted code," columnist Andy Mukherjee said.

LIVE NEWS and UPDATES

Aug 25, 2017 - 18:02 (IST)

Nandan Nilekani concludes the press conference.

No more details than the investor call that happened in the morning.

Here is a summary:

Goal is to build consensus, bring stability to the company.


Infosys board never wanted to cause anguish to founder NR Narayana Murthy


Will get full briefing on investigations into alleged wrongdoing in $200 mn buyout of Panaya.


Will take feedback from small and big investors on corporate governance issues at Infosys. 

Represents 100 pc shareholders; has record of doing things in different environments, consensus building.

Aug 25, 2017 - 17:47 (IST)

Nandan Nilekani says I wouldn't run the company based on Twitter, TV comments

Nandan Nilekani stalls all questions related to the recent controversies.

He expects Prahlad and Ravi Venkatesan to do a great deal of heavy lifting.

"I won't run this company based on comments from Twitter and TV channels," he says.

Aug 25, 2017 - 17:38 (IST)

Is everything hunky-dory with the company? Yes, Nandan Nilekani reiterates

Another reporter asks: Is everything hunky-dory at Infosys now?


Nilekani just says, "Yes". Repeats it after a while, "Yes".

Aug 25, 2017 - 17:36 (IST)

Nandan Nilekani says I believe I am here not because I am a co-founder


Nilekani says he represents all the stakeholders. 


"I would like to think that I am here not just because I am a co-founder," says Nilekani.


He reiterates he will be here as long as required.

Aug 25, 2017 - 17:25 (IST)

Nandan Nilekani says disagreements between board and Narayana Murthy unfortunate

Nilekani reads out the press release. He says it is unfortunate that there were disagreements between the board and co-founder Narayana Murthy.

The board did not intent to cause any personal distress or anguish, he says.


Nilekani to get a briefing on recent forensic audit of all issues, including the Panaya acquisition.

Aug 25, 2017 - 17:22 (IST)

Nandan Nilekani says the board to take stock of company's initiatives in 6 weeks


Nilekani says the new board will take stock of the company's steps in six weeks. A strategic framework will put in place.

Aug 25, 2017 - 17:11 (IST)

First board meeting chaired by Nandan Nilekani happened today

A bit more details may come forth in this press meet.

"We had a board meeting from 4 to 5. I will update to about you about the developments today once the release about the board meeting comes," he says.

Aug 25, 2017 - 17:11 (IST)

Nandan Nilekani says he represents all stakeholders, will take company forward

Nandan Nilekani narrates the sequence of events at the board meeting that happened on Thursday.

I am here because there is nobody else, he jokes.

He goes on to say that he represents all, including the shareholders and board members. He promises to take the company forward.

Aug 25, 2017 - 17:07 (IST)

Nandan Nilekani starts his address

Aug 25, 2017 - 17:00 (IST)

Reboot is over, now it is time to rebuild and repair, says Bloomberg column


Meanwhile, a Bloomberg column said Infosys with the latest change, the reboot of the company is over. Now it is time to rebuild and repair.


"As the board is further revamped, the Bangalore-based software services company will complete the correction of its corrupted code," columnist Andy Mukherjee said.

Infosys co-founders led by N R Narayana Murthy today had their way as they got their peer
Nandan Nilekani appointed the chairman of the IT major in place of R Seshasayee, who quit under their pressure.

As it happened Nandan Nilekani returns to Infosys first media briefing investor meet

Nandan Nilekani.

Nilekani, 62, who was CEO of the company between 2002 and 2007 and is credited as the architect of the world's largest biometric ID card programme Aadhaar, will takeover as Chairman of Infosys with immediate effect, the company said in a statement.

Co-chairman Ravi Venkatesan has also resigned, although he would continue as an independent director. Two other independent directors -- Jeffery S Lehman and John Etchemendy -- also quit the Infosys board with immediate effect.

The resignations brought about a near-complete overhaul of the 9-member Infosys board, meeting key and persistent demands of the founders led by Murthy.

PTI

Updated Date:

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