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Disappointed with Infosys board: Narayana Murthy

By PTI
|

Infosys founder N R Narayana Murthy on Tuesday said he was disappointed with core questions still unanswered, which includes how and why Infosys board approved an unusual and unprecedented severance payment agreement of 1000 per cent to former CFO Rajiv Bansal.

Narayana Murthy

"I am disappointed. The core question still is how and why the Infosys board approved an unusual and unprecedented severance payment agreement of 1000 per cent (of the standard Infosys employment contracts) to the former CFO," he said in a statement here.

The statement was in reaction to the company statement that the review undertaken on Panaya issue had confirmed "appropriate" and "timely disclosures" were indeed made on severance payments to former CFO Rajiv Bansal.

"Also, why the board did not disclose this information proactively and much earlier. Sadly, it appears nobody will know the truth," he said.

Earlier in the day, the Board under chairman Nandan Nilekani had given a clean chit to Panaya acquisition, saying there was no merit in the allegations of wrongdoing.

Murthy also said he stands by every question on poor governance raised in his speech to Infosys investors on August 29, 2017.

Murthy said fact remains none of these questions have been answered by Infosys board with transparency it deserves.

PTI

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