LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS

Read in App
Business News » Companies News

Disappointed with Infosys' explanation on issues: Balakrishnan

Infosys former CFO V Balakrishnan on Monday, said he was disappointed that the company did not offer "concrete answers" on matters like CEO compensation and severance pay to former executives, and insisted that the board need to take the "first step" to address the concerns raised.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Disappointed with Infosys' explanation on issues: Balakrishnan
Vishal Sikka along with board members on Monday presented a united front to defend some of the company's decisions that have come under founders' scrutiny. Photo: Reuters
Written By: PTI
Updated: Tue, Feb 14, 2017
07:45 am
New Delhi, PTI
RELATED NEWS
Q3 Results: Infosys fails to sell Panaya, Skava assets - How Vishal Sikka's legacy gave sleepless nights to IT giant Q3 Results: Infosys fails to sell Panaya, Skava assets - How Vishal Sikka's legacy gave sleepless nights to IT giant
Vishal Sikka's Panaya deal dents Infosys profit in 1HFY19 by $39 mn; all details inside Vishal Sikka's Panaya deal dents Infosys profit in 1HFY19 by $39 mn; all details inside
This Vishal Sikka deal is a burden for Infosys; here's how This Vishal Sikka deal is a burden for Infosys; here's how
What kind of pay hikes did Infosys employees get in April? Attrition soars What kind of pay hikes did Infosys employees get in April? Attrition soars
Now, Infosys looking to sell controversy-ridden Vishal Sikka-linked Panaya Now, Infosys looking to sell controversy-ridden Vishal Sikka-linked Panaya

Infosys former CFO V Balakrishnan on Monday, said he was disappointed that the company did not offer "concrete answers" on matters like CEO compensation and severance pay to former executives, and insisted that the board need to take the "first step" to address the concerns raised.

Infosys Chairman R Seshasayee, along with CEO Vishal Sikka and other board members, on Monday presented a united front to defend some of the company's decisions that have come under founders' scrutiny.

Speaking to PTI, Balakrishnan said the clarifications offered by Infosys were "very disappointing".

"I don't think the issues have been addressed adequately. They said they are engaging with the founders. They are engaging for so long, still they are not able to convince. I don't know what is the use of that engagement," he quipped.

On Seshasayee's comment that he had been appointed to do a job and will continue to do so, Balakrishnan said it was not the right statement to make because the board and the Chairman have a fiduciary responsibility.

"They have to run the company in the best interest of the stakeholders. So, when governance issues are raised and are not adequately addressed or accountability (is) fixed, every shareholder will question that, and they are answerable. They can't say I have been selected and nothing can happen to me," he said.

Asked about the next course of action, he said the board has to take the "first step".

"I think the board has to take the first step because we raised the issue. They have not given any concrete answers. So, the board has to take the first step. Engage with founders, not through lawyers but directly," Balakrishnan said.

He added that the board needs to address all the concerns, and "if required, re-constitute the board and move on".

More than a week after co-founders including N R Narayana Murthy flagged what they said were corporate governance issues, Seshasayee and other board members today addressed an hour-long media conference to clear the air.

Responding to co-founders' concerns, the chairman said, "Here we have some stakeholders, founders and others along with them, who have nothing other than the best interest of the organisation on their mind and obviously, there will be a lot of passion."

"It is our obligation to listen to these voices, assimilate these messages, be sensitive to these comments and calibrate our actions," he added. 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Vishal SikkaV BalakrishnanInfosysR SeshasayeeInfosys CEOs compensationInfosys severance payVishal Sikka compensationRajiv Bansal severance payN R Narayana MurthyDavid Kennedy severance payInformation technologyInfosys board membersSikka vs Infosys founders
RELATED NEWS
Q3 Results: Infosys fails to sell Panaya, Skava assets - How Vishal Sikka's legacy gave sleepless nights to IT giant Q3 Results: Infosys fails to sell Panaya, Skava assets - How Vishal Sikka's legacy gave sleepless nights to IT giant
Vishal Sikka's Panaya deal dents Infosys profit in 1HFY19 by $39 mn; all details inside Vishal Sikka's Panaya deal dents Infosys profit in 1HFY19 by $39 mn; all details inside
This Vishal Sikka deal is a burden for Infosys; here's how This Vishal Sikka deal is a burden for Infosys; here's how
What kind of pay hikes did Infosys employees get in April? Attrition soars What kind of pay hikes did Infosys employees get in April? Attrition soars
Now, Infosys looking to sell controversy-ridden Vishal Sikka-linked Panaya Now, Infosys looking to sell controversy-ridden Vishal Sikka-linked Panaya

LATEST NEWS

Bajaj Finance, HUL, Lupin, Nifty, Bank Nifty, VIX and some important Analytics II All Explained

In chat with Anil Singhvi, Sandeep Jain recommends Goldiam International as a stock to buy

''See you at your trial'': Big decision looms for Kamala Harris on Trump impeachment trial

EPFO members alert! Provident Fund regulator credits 8.5 pct PF interest; do EPF passbook balance check online at epfindia.gov.in

Vi vs Jio vs Airtel: Check some of the best cheap prepaid recharge plans for you | Full details here

NEET, IIT JEE, NDA, CDS, UPSC exams: Free coaching for students, Abhyudaya scheme, announced by Yogi Adityanath-led UP government

PUBG Mobile India launch: Important notification issued by govt | Check reason for BIG Trouble here

Yes Bank Share price: Investec reduces book value per share by 3%, target price to Rs19 (from Rs 20)

Your voter IDs to go digital from today; Check what is e-EPIC, how to download, features and more

HDFC Life Insurance: Sharekhan maintain buy rating with target price of Rs 850

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved