Infosys Co-Founder Narayana Murthy is ‘extremely anguished’; while the board takes ‘great umbrage’

By: | Updated: August 23, 2017 12:29 PM

A lot has transpired between the board and the veteran Co-Founder of Infosys. Murthy had termed the board's response as "baseless insinuations".

Vishal Sikka quits, Vishal Sikka resigns, Chief Executive Officer, CEO, Vishal Sikka, Infosys, ceo resigns, Vishal Sikka salaryNarayana Murthy, the Infosys Co-founder has deferred the concall in which he was set to address the investors citing health reasons. (Image: Indian Express)

Narayana Murthy, the Infosys Co-founder has deferred the concall in which he was set to address the investors citing health reasons. The concall will now happen on August 29, ET Now said citing unidentified sources. The concall was initially scheduled for 6.30 PM today.

In a concall Vishal Sikka with the board, Vishal Sikka vented out his emotions vented out his emotions and said that he found the continuous drumbeat of allegations ‘absolutely sickening’, to the point wherein it made it difficult to focus on the job. The board had backed Vishal Sikka in a statement. Narayana Murthy on Friday said he would respond ‘at the right time’ to allegations by the firm’s board that he was responsible for the exit of CEO Vishal Sikka. Take a look at what has transpired between the board and the veteran Co-founder.

  • I am extremely anguished by the allegations, tone and tenor of the statement. My concern primarily was the deteriorating standard of corporate governance which I have repeatedly brought to the notice of the Infosys board, Narayana Murthy had said in an email.

The board said-

  • Mr Murthy’s continuous assault, including this latest letter, is the primary reason that the CEO, Dr Vishal Sikka, has resigned despite strong Board support.
  • The Board takes great umbrage to the contents of the letter… Murthy’s letter contains factual inaccuracies, already-disproved rumours, and statements extracted out of context from his conversations with board members.

Narayana Murthy had said-

  • It is below my dignity to respond to such baseless insinuations. However, several shareholders who have read the whistleblower report have told me that it is hard to believe a report produced by a set of lawyers hired by a set of accused, giving a clean chit to the accused, and the accused refusing to disclose why they got a clean chit.

To this allegation, R Seshasayee responded-

  • To suggest that world renowned firms will connive with the board and present a clean report to us is completely untenable

However, Murthy has found support in the former CFO, V Balakrishnan, “All we heard was there was an investigation and a clean chit was given. Murthy asked for the report to be published as the shareholders have a right to know the details. When you spend Rs 10 crores to investigate, they have a right to know what the investigators have looked at and the conclusion of the investigation,” he told ET Now.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition