India's Infosys approves buyback of shares

Protest against mass IT layoffs in Hyderabad

The rumours all say that Sikka was forced to resign due to Murthy's inference and constant complaints on the way the company was being run. As former Sebi executive director JN Gupta asks why did Vishal Sikka quit just a day-and-a-half before the buyback announcement was scheduled to be made?

The board of Bengaluru-headquartered Infosys approved the repurchase of 113 million shares at 1,150 rupees apiece ($F36), the company said in a stock exchange filing, returning cash to investors at a substantial premium to Friday's closing price of 923.25 rupees ($F29).

While Sikka did not name Murthy for his exit, the board of the Dollars 10 billion firm blamed him for "continuous assault" through "factually inaccurate" and "already-disproved rumours" for the sudden resignation "despite strong Board support".

The tussle between Infosys and its founders began in February after founder and former chairman Narayana Murthy accused the company of corporate governance lapses.

The open hostilities will make it hard to draw top candidates from outside the company and likely increase the chances an internal executive will be elevated to CEO.

The company has not publicly identified potential successors, though the interim chief executive Pravin Rao, CFO Ranganath D Mavinakere, deputy COO Ravi Kumar S and Mohit Joshi, the head of banking, financial and insurance services, are among the top internal candidates, according to the company source.

Pogba "will be the Ballon d'or in 5 years"
He's still young so he has a lot to work on and he can get even better. "As a person, you can see he's always the same", said the striker.

He also contested the claim that the halo around Murthy is disappearing. The allegations, however, have been strongly rejected by the company's board.

Murthy did not respond to an email questionnaire sent on Sunday.

Infosys founders hold a joined 12.8 for every penny of its stock, and Mr. Murthy's worries are shared by most if not the greater part of the other six founders, as indicated by individuals near them.

These allegations, he said, have been repeatedly proven false by multiple independent investigations. He also said that he was disappointed by the lack of support from the people he had expected would back him. The stock which closed with a market capitalisation of around Rs 2,29,285 crore on Thursday, tumbled up to 10 per cent, leading to a fall in its market capitalisation to Rs 2,12,262 crore on Friday. Sore points include increases in Sikka's salary, what they argue was the overpriced acquisition of the Israeli automation firm Panaya and severance packages offered to some executives. Infosys has so far refused to make public the probe report.

Murthy has done a great service to stakeholders by bringing corporate governance issues to the fore and requesting accountability from the board in the long-term interest of the company, he said.

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