Infosys: Sebi to look afresh into corporate governance issues as complaints pile up
Some of the complaints came even before Infosys announced the resignation of Vishal Sikka on 18 August
New Delhi: Watchdog Sebi will look afresh into complaints of alleged corporate governance-related lapses at Infosys amid a high profile leadership crisis and public spat between founders and top management of the IT firm.
Top regulatory sources said Sebi has received several representations regarding the ongoing crisis, including about allegations and counter allegations from various sides.
Some of these complaints came even before Infosys announced the resignation of its first non-founder CEO Vishal Sikka on 18 August.
Earlier also, the regulator had looked into alleged corporate governance lapses following a whistle-blower's letter, presumably on Panaya deal and executive pay.
However, no concrete evidence has emerged on those matters so far.
On Tuesday, Sebi Chairman Ajay Tyagi said the regulator is keeping a close tab on the share price movement of Infosys.
"We are keeping a watch on Infosys share prices," he had said.
Besides, the government is keeping a close watch on the developments at the software major.
Infosys Co-Chairman Ravi Venkatesan had met Corporate Affairs Minister Arun Jaitley on Wednesday.
While several institutional investors and proxy advisors have suggested bringing back co-founder and former CEO Nandan Nilekani, there are also demands for a complete overhaul of Infosys' existing board, sources said.
As the crisis continues at Infosys following Sikka's exit, the company's stock crashed 15 per cent for the two straight trading sessions, eroding its market wealth by Rs 34,000 crore.
Infosys: Nandan Nilekani should continue for 2-3 years, Ravi Venkatesan must resign, says V Balakrishnan
Balakrishnan also stuck to his demand that co-chair-turned-independent director Ravi Venkatesan step down from the Board.
Takeaways from Narayana Murthy's investor call: If there are no more spats, Infosys can focus on strategy
Narayana Murthy and the Infosys board should remember that corporate governance does not bring glory to a company on its own if it is not matched with good performance which only can come from team work
Vishal Sikka resigns: Former Infosys CEO played like Narendra Modi, but Narayana Murthy was no Advani
Narayana Murthy's dissent is much like that of Steve Jobs on the board of Apple when he was ousted ( though not fired) by John Sculley -- the man Jobs hired.