What are Panaya papers that Narayana Murthy wants to see?

In 2003, it was based on Murthy Committee’s recommendations that Sebi revised governance norms under Clause 49.

Published: 19th August 2017 08:20 AM  |   Last Updated: 19th August 2017 08:21 AM   |  A+A-

Infosys co-founder NR Narayana Murthy (File | EPS)

By Express News Service

MUMBAI: Sikka has left, if not with a bang, at least without financially wrecking the firm. And Infy’s first brush with an outsider CEO has proved disastrous.

Murthy’s criticism of the Board, for failing to keep checks and balances, may make him appear like a petulant founder unwilling to let go. But if the petty remarks (like Sikka using self-paid chartered planes) are ignored, the alleged improprieties seem more serious than imagined.

Chief among them is the $200-milion Panaya deal that Sikka’s team pulled off. He also questioned the generous severance packages made to former CFO Rajiv Bansal and former general counsel David Kennedy.

Murthy’s angst is not without a reason. While Infosys said investigations it instituted unequivocally found the complaints false with no evidence of wrongdoing, it refused to make the findings public. In its recent 20-F filing, Infy stressed distractions from ‘activist shareholders’ as a possible risk, but didn’t find it necessary to enclose the full report.

Murthy’s latest salvo on Friday, is equally damning, questioning the authenticity of the investigation. “...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. They say that this is not the way an impartial and objective investigation should be held.”

In 2003, it was based on Murthy Committee’s recommendations that Sebi revised governance norms under Clause 49. If corporate governance concerns are real, it’s intriguing why Murthy hasn’t taken it up with the market regulators. The charges leveled are serious and out in the public. Still, regulators are yet to knock on Infy’s doors seeking clarity.

Stay up to date on all the latest Nation news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp