Narayana Murthy says Infosys board changes still 'work-in-progress'

Reuters

In a strong rebuttal to the personal attacks on him by the previous Board of software major Infosys, Founder N.R. "India probably has more problems facing its citizens than any other country in the world", Murthy said while delivering the first Professor MGK Menon Memorial Lecture last evening.

According to the Newspaper, Please note that no previous CFO of the company, nor the current CFO had or have such an excessive severance pay clause in their contracts", recalled Murthy.Following adverse media reports on the severance pay to Bansal, Murthy said current non-Executive Chairman Nandan Nilekani and other co-founders and he had asked Seshasayee on June 28, 2016 how the Board arrived at a odd decision to pay such a large sum as severance."Seshasayee told us that the decision was taken by David Kennedy, the company's former General Counsel.

Murthy said though he was appointed chairman for five years, he left the company after 15 months in October 2014, during which revenue growth rate doubled to 11.6 per cent as well as innovations and enhanced productivity were introduced. Earlier, Seshasayee was Managing Director of Hinduja Group's Ashok Leyland in Chennai for over a decade.

He cited media reports to say that the Board had not recorded minutes of the decision to give Bansal's severance package.

Patriots acquire Marquis Flowers in trade with Bengals
Flowers, a 2014 6th round pick, has served mostly on special teams in his National Football League career. He missed all of the 2015 season with a shoulder injury, but played all 16 games in each 2014 and 2016.

Neighbours rescue elderly couple from flooded home in Houston
More than 100,000 Indian-Americans living in and around Houston area have also been badly hit by the monstrous hurricane Harvey . While Hurricane Harvey was blamed for the deaths, catastrophic flooding has struck Houston , the country's fourth largest city.

Phoenix to hire outside firm to review police performance during Trump rally
According to Bloomberg, Trump dispatched his personal bodyguard Keith Schiller to tell Gigicos that he was barred from organizing future rallies for the president.

He hoped that the full report would point out gaps in governance and suggest corrective actions. "It gets curiouser and curiouser - as Lewis Carroll said in 1865", reiterated Murthy.

"I wish Nandan the best of everything in his effort to bring back "Acche Din" to Infosys", said Murthy, 70, in a statement to global institutional investors in a conference call here.

On February 12, 2017, a whistle-blower complaint became public, questioning in detail, the events surrounding the severance payment made to the ex-CFO with alleged actions of the Chair of the Board, CEO, COO, General Counsel and Chief Compliance Officer, as well as the ex-CFO.

Noting that the Board's rejuvenation had begun with the resignation of Seshasayee and four other members, Murthy said it was still work in progress for restoring the company's reputation and credibility.

Related:

  • Michael Phelps, wife announce 2nd child

    Michael Phelps, wife announce 2nd child

    Michael, also 32, is a former competitive swimmer who was named most decorated Olympian of all time, with a total of 28 medals. After tweeting during Floyd Mayweather 's win Saturday against Conor McGregor , Phelps made a challenge to the Irishman.

    Klingman & Associates LLC Sells 492 Shares of Walt Disney Company (The) (DIS)

    It improved, as 69 investors sold JPM shares while 807 reduced holdings. 104 funds opened positions while 652 raised stakes. The Walt Disney Company has a beta of 0.95, offering the possibility of a higher rate of return, but also posing more risk.

    Unbiased Equity Research: Ross Stores, Inc. (ROST), Hasbro, Inc. (HAS)

    After this sale, 27,418 common shares of ROST are directly owned by the insider, with total stake valued at $1,628,081. Raymond James Trust decreased Ross Stores Inc ( ROST ) stake by 25.82% reported in 2016Q4 SEC filing.
  • United States Steel Corporation (X) Upgraded to

    United States Steel Corporation (X) Upgraded to "Buy" by BidaskClub

    As of the end of the quarter Alliancebernstein L.P. had bought a total of 194,678 shares growing its holdings by 35.1%. Css Llc decreased W & T Offshore Inc (Call) (NYSE:WTI) stake by 178,900 shares to 10,000 valued at $28,000 in 2016Q4.
    Republicans Rebuke Trump's Government Shutdown Threat

    Republicans Rebuke Trump's Government Shutdown Threat

    If the two issues are combined, that would compound the economic consequences of a stand-off. The House passed a spending bill late last month that included funding for the wall.
    Supreme Court dismisses Swamy's plea for e auction of IPL media rights

    Supreme Court dismisses Swamy's plea for e auction of IPL media rights

    The auction scheduled to begin on Monday has now been postponed for 1 September. Rai had previously backed the idea of inviting closed bids.
  • Hoosiers ready for 'biggest home opener' in school history vs. Buckeyes

    Hoosiers ready for 'biggest home opener' in school history vs. Buckeyes

    He threw 19 touchdown passes and 17 interceptions last season, ranking second in the Big Ten in passing yards per game (258.6). College football point spread: The Buckeyes opened as 20-point favorites , according to sportsbooks monitored by OddsShark.

    Steady Activities: Cognizant Technology Solutions Corporation (CTSH)

    The expected future growth in earnings per share ("EPS") is an incredibly important factor.in identifying an under-valued stock. Grandfield And Dodd Limited Liability Corporation has invested 0.45% in Cognizant Technology Solutions Corp (NASDAQ:CTSH).
    Donald Trump heading for Texas disaster zone

    Donald Trump heading for Texas disaster zone

    It has since been downgraded to a tropical storm , but more rain is expected to fall on the fourth-largest U.S. city. Texas was in the early stages of turning back on power - restoration of power is one of its biggest needs.
  • Vanguard Group Inc Significantly Increases Its Investment in QUALCOMM Incorporated (QCOM) Stock

    It turned negative, as 104 investors sold QCOM shares while 514 reduced holdings. 2 funds opened positions while 1 raised stakes. Following the sale, the president now directly owns 5,855 shares of the company's stock, valued at approximately $324,249.90.

    Wal-Mart Stores, Inc. (WMT) 6.36% off from 200- SMA

    Wal-Mart Stores, Inc is engaged in the operation of retail, wholesale and other units in various formats around the world. The company has a market capitalization of $236.64 billion, a price-to-earnings ratio of 18.90 and a beta of 0.29.
    Eagles trade long snapper Jon Dorenbos to Saints

    Eagles trade long snapper Jon Dorenbos to Saints

    Dorenbos and the Eagles agreed on a three-year, $3.4 million contract extension last year. Jon Dorenbos , Philly's "magic man", is no longer a member of the Eagles .

Comments

Latest news

Canadian Imperial Bank of Commerce
The chart of Royal Bank of Canada (RY) shows a double top with $79.99 target or 7.00 % above today's $74.76 share price. The firm had revenue of $7.43 billion for the quarter, compared to the consensus estimate of $7.11 billion.

Man wanted in Charlottesville assault arrested
He admitted to CBS46 that "I hit the man one time", and that "before I got there, men beat him with sticks and shields". Harris suffered a head wound requiring staples and a broken wrist in the attack at the Market Street parking garage.

Technical Scrutiny: Capital One Financial Corporation (COF), KeyCorp (KEY)
Jefferies maintained it with "Hold" rating and $9000 target in Friday, July 14 report. (NASDAQ:AMAT) rating on Monday, August 17. Capital 1 Financial Corporation presently has a average recommendation of "Hold" and an consensus price target of $92.76.

Rex Tillerson set to cut role of United States climate envoy
Special Envoy to the Organization of the Islamic Cooperation, which includes the world's Islamic states, will also be eliminated. Twenty-one will be "integrated" into other offices, five merged with other positions, and one transferred to the U.S.

15 memorable quotes from Princess Diana, the 'People's Princess'
In the same spirit of charity that Diana embodied, our presentation album focuses on the charities she supported with patronage. Around midnight, my husband firmly shook my arm to wake me up.

Alabama's Raekwon Davis released from hospital after being shot
But if they had followed my advice, they wouldn't have been there". "That's about as much as I can tell you about it right now". The Tuscaloosa News acknowledged that the bar has been the site of several shootings and a homicide over the past few years.

Princess Diana: Her Continuing Legacy in the 20 Years After Her Death
America's closest examples to the royals are political dynasties such as the Kennedys and the Bushes, Wood said. When Diana was involved in a fatal Paris auto crash, on 31 August 1997, her children were just 12 and 15.

Defending US Open champion Angelique Kerber upset in first round
Osaka advanced to a second-round match against either Denisa Allertova of the Czech Republic or Rebecca Peterson of Sweden. Kerber achieved the world No. 1 ranking in September of 2016, but has struggled to maintain that level of momentum.

Princess Diana: A common touch that bridged social divides
In one video, Prince William spoke with pop star Lady Gaga, who told of her struggles with post-traumatic stress disorder. Like Diana, she came from a prominent family marked by ignominy, through her late father's association with O.J.

Taylor Swift's Look What You Made Me Do Breaks Streaming Records
Spin magazine called the track "hard" and "cheerless", while the New York Times described the lyrics as "powerful, yet joyless". Swift's first single off her upcoming album " Reputation " is the #1 Trending video on YouTube, at the time of this writing.

The Valeant Pharmaceuticals International, Inc. (VRX) Downgraded by Vetr Inc. to "Sell"
Pershing Square Capital Management Lp decreased Valeant Pharmaceuticals Intl (VRX) stake by 16.1% reported in 2016Q4 SEC filing. Jefferies Gru Ltd Liability Com holds 0.01% of its portfolio in Valeant Pharmaceuticals Intl Inc (NYSE:VRX) for 98,574 shares.

Texas governor activates entire state National Guard for Harvey recovery
A wide array of federal agencies, and more than 8,500 federal officials are working in the two states. More than a dozen people have been injured and five people have died because of Harvey so far.

Canadian police on bike patrol nab one of America's most wanted
It is expected he will be handed over to Ontario police and also faces possible extradition to the United States , it added. Sychanta, who was considered armed and unsafe , had also made threats against law enforcement officials, per the ICE.

UnitedHealth Group Incorporated (UNH) Hits 52-Week High
Texas Permanent School Fund has invested 0.61% in UnitedHealth Group Inc (NYSE:UNH). 1,586 are owned by Tci Wealth Advisors Inc. The Veritas Investment Management Uk Ltd holds 136,218 shares with $21.80 million value, up from 114,278 last quarter.

The Dolphins saved Fox and the world from Jay Cutler
It's not about the targets or who gets them and where they get them. "It's about making the plays when it comes to you". Cutler has completed three passes to Parker for 94 yards in preseason and they've hooked up countless times in practice.

Other news