Infosys shareholders clear Nandan Nilekani's appointment as chairman
There was 100 percent voting in favour of the proposal to appoint Nandan Nilekani as non-executive, non-independent director and the Chairman of the Board by the promoter group and institutional investors
New Delhi: Infosys shareholders have approved the appointment of Nandan Nilekani as Chairman and UB Pravin Rao as Managing Director.
The Bengaluru-based company, in the results of its postal ballot, also said the special resolution for the up to Rs 13,000 crore buyback offer has also been approved by the shareholders with 98 percent voting in favour, according to a regulatory filing.
There was 100 percent voting in favour of the proposal to appoint Nilekani as non-executive, non-independent director and the Chairman of the Board by the promoter group and institutional investors, the filing showed.
About 99 percent by retail investors voting in favour of the appointment, it added.
After months of acrimony between founders and the then management led by R Seshasayee and Vishal Sikka, Nilekani was appointed as the Chairman to steer the tech giant.
Nilekani, who was among the seven co-founders, will not receive any remuneration for his current post, the postal ballot had said.
As of June 2017, promoter group held 12.75 percent stake in Infosys, while public shareholders accounted for 86.76 percent stake.
The resolution to appoint Rao has the MD received 100 percent voting in favour by promoter group and institutional investors and 99 percent of retail investors agreeing to the proposal.
The resolution to appoint D Sundaram as an independent director on the board was also passed with 100 percent voting in favour of the proposal.
Infosys founder NR Narayana Murthy has lamented dropping performance standards at the IT behemoth, saying the generous compensation given to COO Pravin Rao was improper
Besides answers to the controversies, Infosys stakeholders will be looking at dates for the its Rs 13,000 crore share buyback plan
Nandan Nilekani’s big task is to build an elite digital air force of innovative leaders at Infosys to support a huge code army below. Make no mistake, this is a long-haul problem for Infosys