Delivering the keynote address at the presentation of Jamnalal Bajaj awards for fair business practices, Murthy said that while companies should aim at maximisation of shareholder value, they should ensure that the interests of all stakeholders-customers, employees, suppliers, joint venture partners, government and society at large-are not compromised.

While referring to the government and society as "context creators", Murthy said that while the government sets the rules for fair competition, the society gives a sense of strength and harmony for the conduct of business.

"The only way corporations can increase revenues is by creating relationships. Companies should strive to show fairness in every transaction so as to win thetrust of all stakeholders," Murthy said.

Citing his experiences at Infosys, Murthy said that 95 per cent of the company's revenues in the last quarter came from existing customers.

"Companies can achieve high growth only if revenues are generated from repeat transactions are higher. There has to be a long-term relationship with the customer and this is possible only through trust," Murthy said adding that firms should strive to ensure that its products are the "owners' pride". Citing the example of Godrej refrigerators in the late 1960s, Murthy said that the refrigerator was a common sight in most drawing rooms.

"People expect companies to act as trustees for their investment. They expect companies to put public good ahead of the private good. Companies need to respect the aspirations of the investor," Murthy said.

"Every time a customer struck a deal in the Infosys scrip at Rs 9,500 last week, we at Infosys were given a clear message: that they had invested their life's savings expecting that priceto go up. It is up to us now to service that expectation," he said. Firms, Murthy said, should give a fair deal to the employees, another key agent of value creation.Companies, he said, should act in all fairness with the vendors, who prove quality products on time.

"Unless companies pay up their dues as per terms, vendors will never stand by in difficult times," he added. Murthy also singled out joint venture partners as crucial factors in the maintainance of fair business practices by a firm. "I have seen many joint ventures sour because the basic conditions laid down while the venture has been formed has not been observed," he said.