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Timeline of Infosys saga in hard times

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Infosys

Bengaluru, Aug 25: Software major Infosys has gone through a churn over the months, as its boardroom battles over a spate of issues led to the exit of its first non-founder executive Vishal Sikka on August 18 and the return of its co-founder Nandan Niliekani as non-Executive Chairman on Thursday.

Among the issues red flagged by the promoters, especially N.R. Narayana Murthy were erosion in corporate governance, huge salaries to top executives, costly acquisition (Panaya) and a large severance package to an ex-CFO.

February 9: Murthy expresses concern over governance issues in the Board.

February 13: Board denies rift with Murthy on governance issues, defends Sikka, acquisition of Panaya and high severance pay to ex-CFO Rajiv Bansal and General Counsel David Kennedy.

February 20: Board refutes an anonymous whistleblower’s charges on Panaya deal in February 2015.

February 21: Sikka attacks media for targeting company, employees and him to the point of harassment.

February 23: Board hikes salary of Chief Operating Officer Pravin Rao, elevated as Interim CFO and Managing Director on August Friday till March 31, 2018.

April 13: Independent Director Ravi Venkatesan appointed as Board Co-Chairman and lowers revenue guidance for fiscal 2018.

June 1: AMurthy tells IT honchos to take less salary and avoid layoffs.

June 13: AInfosysAterms media coverage, activist investors as risk factors.

June 24: co-founders keep away from stormy Annual General Meeting, (AGM).

July 17: Murthy regrets quitting asAInfosysAChairman in June 2014.

August 18: Sikka resigns as CEO & MD, appointed Executive Vice-Chairman till March 31, 2018, Board blames Murthy for Sikka’s exit, appoints Rao as Interim CEO and MD, company’s stock crashes 10 per cent on BSE.

August 19: Announces buyback of 11.3 crore shares at Rs.1,150 each.

August 24: Board appoints co-founder Nandan Nilekani as non-Executive Director, Board Chairman R. Seshasayee and Co-Chairman Ravi Venkatesan, Sikka and two Directors Jeffery Lehman and John Etchemandy resign.

IANS

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No lay-offs by Wipro amid crorona crisis, no such plan

The Bengaluru-headquartered IT behemoth employs more than 1.75 lakh people in several countries across the globe.

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Azim Premji Wipro

Bengaluru, July 13 : Global software major Wipro has not laid off any employee during the Covid-19 pandemic nor has any such plan at the moment, a top company official said on Monday.

“I just want to give comfort and say this categorically that we have not laid off a single employee as the pandemic unfolded,” Wipro Chairman Rishad Premji said at the company”s 74th annual general meeting (AGM) held virtually.

“At the moment, we have no plans to lay off anybody at the company,” he said, replying to a female shareholder.

“We are trying to drive cost deductions through various other means operationally and otherwise,” said Premji.

The Bengaluru-headquartered IT behemoth employs more than 1.75 lakh people in several countries across the globe.

–IANS

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Google to invest Rs 75,000 crore to boost digitisation in India

The investment will focus on four areas important to India’s digitisation– first enabling affordable access to information to every Indian in their own language.

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Sundar Pichai

New Delhi, July 13 : Google CEO Sundar Pichai on Monday announced a Google for India digitisation fund through which, the company will invest Rs 75,000 crore or approximately $10 billion over the next five to seven years to help India go digital.

“We will do this through a mix of equity investment, partnerships and an operational infrastructure ecosystem in India. This is a reflection of our confidence in the future of India and its digital economy,” Pichai said during the Google for India virtual conference.

The investment will focus on four areas important to India’s digitisation– first enabling affordable access to information to every Indian in their own language.

“Second, building new products and services that are deeply relevant to India”s unique needs. Third, empowering businesses to continue or embark on digital transformation. And fourth, leveraging technology and Artificial Intelligence for social good in areas like health, agriculture and education,” the Google CEO said.

India’s Union IT Minister Ravi Shankar Prasad were also present during the conference.

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Business partner of Rajasthan CM’s son under ED scanner

Sharma was summoned by the ED four days ago. The agency suspects that large scale overseas transactions have taken place.

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Ashok Gehlot

New Delhi, July 13 : Amid political crisis in Rajasthan, the Enforcement Directorate (ED) on Monday conducted raids at Hotel Fairmont in Jaipur.

Investor Ratan Kant Sharma, close aide of Chief Minister Ashok Gehlot’s son, is under the agency’s scanner.

Sharma had allegedly received around Rs 96.7 crore from Mauritius and has stakes in Hotel Fairmont. Sharma and Vaibhav Gehlot, son of Chief Minister Ashok Gehlot, are business partners.

Sharma was summoned by the ED four days ago. The agency suspects that large scale overseas transactions have taken place.

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