Infosys: Sebi to look afresh into corporate governance issues as complaints pile up

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. [caption id=“attachment_3967657” align=“alignleft” width=“380”]  Reuters[/caption] 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.