Going through turbulent times, India's second-largest IT giant, Infosys on Friday announced that its new chairman Nandan Nilekeni would not receive any remuneration for the role assigned to him.
Going through turbulent times, India's second-largest IT giant, Infosys on Friday announced that its new chairman Nandan Nilekeni would not receive any remuneration for the role assigned to him.
After Vishal Sikka's abrupt exit from the company, Nandan Nilekeni came back to the Infosys as non-executive and non-independent chairman. Nilekeni currently hold a 0.93% stake in the company.
In a notice released to the stock exchanges on Friday, the IT firm also announced that its all stakeholders except S D Shibulal will participate in the Rs 13,000-crore share buyback.
Infosys has set the buyback price at Rs 1,150 apiece and the offer will comprise of 11.30 crore shares aggregating up to 4.92% of the paid-up equity share capital.
The firm has also got the shareholders' nod for the appointment of U B Pravin Rao as the managing director of the company with effect from August 18, for the maximum number of five years.
However, Rao would draw the same salary as he was getting as chief operating officer.
Meanwhile, Infosys former chairman R Seshasayee slammed company's co-founder N R Narayana Murthy for carrying out 'personal attacks' and making 'false and slanderous accusations' against him, saying he was unable to understand the motivation for the persistent vendetta.
Seshasayee, who along with three other directors quit from the board of Infosys after Murthy rallied other co- founders and institutional investors to bring back peer Nandan Nilekani, said he had always been candid and truthful in all his statements concerning Infosys.
"Since my resignation from the board of Infosys, I have kept away from making any public statements, despite provocations, since I sincerely want the company to move forward, and not be bogged down with the issues of the past," he said, adding he was forced to issue a statement after Murthy's "personal attack and patently false and slanderous accusations" at an investor call earlier this week.
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