In a major development, tech giant Infosys named D Sundaram as an Independent Director of the Company. The announcement was made through a press release on Saturday morning and D Sundaram will take charge from July 14, 2017. As per the statement released by the company, the decision was taken on the basis of recommendations by the Nomination and Remuneration Committee of the Board. This comes as a big news for Infosys which had recently got a relief in the Panaya firm acquiring case.
An international law firm and a risk consultancy firm had found no evidence of wrongdoing by Infosys in acquiring the US-based Panaya firm for $200 million in February 2015, reported IANS. “We found no evidence to support any of the new allegations in the complaints of wrongdoing by the company or its directors and employees,” the IT major cited law firm Gibson Dunn & Crutcher and consultancy Control Risks, which investigated the two complaints by a whistleblower to the Indian market regulator Sebi in February, as saying.
The development also becomes important as the company gears up to face the deveploments of GST. However, Infosys Co-Founder N R Narayana Murthy had said that India should not be worried about the perception of foreign investors on GST regime. “I don’t think India is very high on the radar screens of most nations.That is the reality, but this initiative will reduce hassles for anybody who wants to operate in India. Once they start their operations in India then they will realise that this system is comparable to what they have experienced in developed nations. So then their respect for India will improve,” Murthy told PTI
“That is how I look at it. I don’t think we should worry whether some foreigner is saying, this is good or bad,” he added.