BENGALURU: Infosys stated a review of the investigations of the Panaya deal reaffirms earlier findings that there is not any benefit to the allegations of wrongdoing, giving a blank chit to former CFO Rajiv Bansal. This also gives a large spice up to what former chairman R Seshasayee and former CEO Vishal Sikka had stated in the past. Contrary to founder-promoter NR Narayana Murthy's expectancies, the brand new board below co-founder Nandan Nilekani has stated that the corporate will also no longer unencumber the entire investigation record.
In a statement Nilekani stated, "I believe that all stakeholders acted out of a strong passion for Infosys, wanting what they believed to be the best for the company and to see it succeed. In light of my review of these matters, I am fully persuaded, as is the entire Board, that the conclusions of the independent investigations are correct. This board and I are committed to the highest standards of professionalism and will deal promptly and decisively with any governance issues should they ever come up in the future."
The precedent of releasing the entire investigation reports may just impair the cooperation of participants should the need for an investigation stand up sooner or later, Infosys has mentioned time and again. The severance bills to the corporate's former CFO could have been treated higher, Infosys noted adding that it has identified opportunities for enhancements in processes and practices and had been implemented.
"While the disclosures in this regard were timely, based on the feedback received, the company has since December 2016 adopted a practice of disclosing the severance payment to key managerial personnel ("KMP") at the time of their departure, making the disclosures sooner than required," Infosys stated in a statement. It added that the corporate benchmarked its severance pay to an international usual and revised its senior management employment contracts.
In a statement Nilekani stated, "I believe that all stakeholders acted out of a strong passion for Infosys, wanting what they believed to be the best for the company and to see it succeed. In light of my review of these matters, I am fully persuaded, as is the entire Board, that the conclusions of the independent investigations are correct. This board and I are committed to the highest standards of professionalism and will deal promptly and decisively with any governance issues should they ever come up in the future."
The precedent of releasing the entire investigation reports may just impair the cooperation of participants should the need for an investigation stand up sooner or later, Infosys has mentioned time and again. The severance bills to the corporate's former CFO could have been treated higher, Infosys noted adding that it has identified opportunities for enhancements in processes and practices and had been implemented.
"While the disclosures in this regard were timely, based on the feedback received, the company has since December 2016 adopted a practice of disclosing the severance payment to key managerial personnel ("KMP") at the time of their departure, making the disclosures sooner than required," Infosys stated in a statement. It added that the corporate benchmarked its severance pay to an international usual and revised its senior management employment contracts.
Infosys' clean chit to Bansal on Panaya deal, probe details won't be made public
![Infosys' clean chit to Bansal on Panaya deal, probe details won't be made public]()
Reviewed by Kailash
on
October 25, 2017
Rating:
