Narayana Murthy anguished as Infosys blames him for Sikka's resignation

News Network
August 18, 2017

Bengaluru, Aug 18: In the latest development in Vishal Sikka's resignation, Infosys company has directly blamed its promoter founder NR Narayana Murthy for the cause.

An official statement by the company said, "Murthy's continuous assault, including this latest letter, is the primary reason that the CEO, Vishal Sikka, has resigned despite strong board support."

The statement also added that it has come to the attention of the company's board that "a letter authored by Murthy, the Founder of Infosys has been released to various media houses attacking the integrity of the Board and Management of the Company alleging falling corporate governance standards in the Company."

The company's board takes great umbrage to the contents of the letter and has called Murthy's allegations as "factual inaccuracies, already-disproved rumours, and statements extracted out of context from his conversations with Board members."

The company also said that despite trying to engage with Murthy within the boundaries of law and without compromising its independence but these dialogues have not been successful.

The statement alleged, "Murthy has made repeatedly made inappropriate demands which are inconsistent with his stated desire for stronger governance."

The company’s board has also assured its shareholders, employees, customers and communities that “it is committed not to be distracted by this misguided campaign by Murthy and will continue to adhere to the highest international standards of corporate governance as it executes its strategy of profitable growth for the benefit of all Infosys stakeholders”.

The company also said that ‘Murthy’s campaign against the board and the company’ has hindered the company’s efforts to transform itself.

The Board has been engaged in a dialogue with the Founder to resolve his concerns over the course of a year, trying earnestly to find feasible solutions within the boundaries of law and without compromising its independence. These dialogues have unfortunately not been successful.

“The Board declines to speculate about Murthy’s motive for carrying out this campaign, including the latest letter. The Board believes it must set the record straight on the false and misleading charges made by Murthy because his actions and demands are damaging the Company and misrepresent its commitment to good corporate governance,” the company said in a statement.

Since Vishal Sikka was appointed as MD and CEO in August 2014, Infosys has delivered competitive financial performance through profitable revenue growth. Infosys has, under the leadership of Vishal, developed and articulated a strategy to transform itself to meet the rapidly changing needs of the marketplace in the 21st century. The Company was lagging significantly behind industry in growth rates when Vishal took over and now we are in top quartile from a performance perspective, the company said.

Infosys has grown in revenues, from $2.13 billion in Q1FY15 to $2.65 billion this past Q1. This was done while keeping a strong focus on margins, closing this past quarter at 24.1% operating margin, beating some competitors for the first time in many years, and improving against nearly everyone in the industry.

The revenue per employee of the Company has grown for six quarters in a row. Attrition has fallen, from 23.4% in Q1FY15 to 16.9% this past Q1, and high performer attrition is much lower than the overall Company attrition.

The Company grew its $100 million+ clients from 12 in Q1FY15 to 18 this past Q1 and increased its large deal wins from approximately $1.9 billion in FY15 to about $3.5 billion this past year. This has all been done while improving overall utilisation (excluding trainees), to a 15-year high this past quarter, and an all-time high including trainees, while improving our cash reserves, rewarding Infoscions with a new equity plan, and returning Rs 19,000 crore as dividend (including dividend distribution tax) over the last three years. This has all been done while improving standing with clients, to the highest ever in the 12 years with a jump of 22 points in CXO satisfaction.

Extremely Anguished

Meanwhile, Infosys Co-Founder N R Narayana Murthy on Friday said he was extremely anguished by the allegations, tone and tenor of the statements made by the company's board.

In a statement issued to the media post the resignation of Vishal Sikka as MD and CEO of Infosys, Murthy said, "I voluntarily left the Board in 2014 and am not seeking any money, position for my children or power. My concern primarily was the deteriorating standard of corporate governance which I have repeatedly brought to the notice of the Infosys Board," he said.

Murthy said in the statement that it was below his dignity to respond to such baseless insinuations. "However, several shareholders who have read the whistle-blower report have told me that it is hard to believe 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."

Murthy said he will reply to these allegations in the right manner and in the right forum and at the appropriate time.
 

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News Network
May 17,2024

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Bengaluru: The India Meteorological Department (IMD) on Friday forecast heavy rainfall and thunderstorms in a few districts of Karnataka and said Bengaluru is likely to witness light to moderate rain and thunderstorms, with temperatures ranging from 30 degree Celsius to 22 degree Celsius in the next 24 hours.

Shivamogga, Chikkamagaluru, Kodagu, Hassan, Mysuru, Mandya, Chamrajanagara, Udupi and Dakshina Kannada districts are likely to experience heavy to very heavy rainfalls between May 17 and 21, said C S Patil, Director of Meteorological Centre, India Meteorological Department, Bengaluru.

According to India Meteorological Department, some places in Kodagu, Hassan, Mysuru, Mandya and Tumukuru districts will also witness, gusty winds (40-50 kmph) on May 18.

Moderate rain and thundershowers are also likely in Chikkaballapura, Chitradurga, Davangere, Kolar, Ramanagara and Vijayanagara districts.

IMD also predicts light to moderate rain very likely at some places over Bagalkote, Belagavi, Bidar, Dharwad, Gadag, Haveri, Kalaburgi, Koppal, Raichur and Yadgir districts.

On May 16, Channagiri in Davanagere district received the highest rainfall of 6 cm. 

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News Network
May 18,2024

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Bengaluru, May 18: JD(S) patriarch HD Deve Gowda, who turned 92 on Saturday, broke his silence on the sexual abuse charges leveled against his grandson and MP Prajwal Revanna. He stated that he has no objection to the action taken against him if found guilty. However, he mentioned that the cases against his son, JD(S) MLA HD Revanna, who is facing charges of sexual harassment and kidnapping of a woman, were 'created'. He refrained from further commenting as the matter is sub judice.

Recently, Gowda announced his decision not to celebrate his birthday and requested well-wishers and party workers to wish him from wherever they are.

"... I don't want to comment on things that are going on in the court regarding Revanna. Prajwal Revanna has gone abroad. Regarding that, Kumaraswamy (Gowda's other son and state JD(S) chief) has, on behalf of our family, said it is the duty of the government to take action in accordance with the law of the land," Gowda said.

Addressing reporters, the former PM said, "There are several people connected to these sexual abuse cases. I don't want to mention anyone's names. Kumaraswamy has stated that those involved in this matter should face action, and the affected women should get justice and compensation."

"There is no objection from us to taking action against Prajwal. But people have come to know the facts about the allegations made against Revanna, how the case has been created. In one case, he has been granted bail, and in another case, the judgment is expected day after tomorrow... I don't want to comment on it," he said, concurring with Kumaraswamy's statement that if found guilty, no one should be spared.

Prajwal (33) is facing charges of multiple instances of sexually abusing women. The scandal has sparked a political storm with the ruling Congress and BJP-JD(S) engaged in a slugfest.

Prajwal reportedly left for Germany on April 27 and is still at large. An Interpol Blue Corner Notice has been issued against him in an effort to bring him back.

He was the BJP-JD(S) alliance's joint candidate from the Hassan Lok Sabha segment, which went to polls on April 26.

Meanwhile, Gowda's 66-year-old son, Revanna, a former Minister, has been granted interim anticipatory bail from a court here in a sexual harassment case in which his son Prajwal is also an accused.

Asked whether there was a conspiracy to defame and politically scuttle his family, Gowda said, "It is true... considering all that has happened, several people are involved. I won't mention names. Kumaraswamy will address what action needs to be taken."

Responding to a query on BJP leader and advocate G Devaraje Gowda's allegations that Deputy Chief Minister DK Shivakumar is behind the circulation of a pen drive containing explicit videos involving Prajwal Revanna, Gowda said Kumaraswamy will respond to all of this.

"We have seen in the media what Devaraje Gowda has said. Kumaraswamy, as the party's state President, has been actively responding to all this. He will speak. I won't at this point. I had campaigned for the Lok Sabha polls. On June 4, after the Lok Sabha poll results are announced, I will meet with you (media)," he added.

Gowda also appealed to media persons campaigning near his house to end it. "I also appeal to your owners."

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News Network
May 3,2024

Bengaluru: In a shocking revelation, a former member of Hassan Zilla Panchayat (ZP) has accused incumbent JD(S) MP Prajwal Revanna of raping her multiple times over three years and videographing the alleged crime.

A case was registered by the Criminal Investigation Department (CID) based on the statement by the 44-year-old survivor on Wednesday, May 1.

According to the First Information Report (FIR), the woman claimed that when she was a ZP member she used to visit the MLAs and MPs for various development works.

In one such instance in 2021, she met Prajwal seeking his help to get hostel seats for some female students at a local college. The woman, in her statement, said that since the MP was busy, she was asked to meet him the next day.

“The following day I visited the MP at his office and the MP's quarters in Hassan. The staff present there told me to wait on the first floor as there were many others in the hall. Prajwal spoke to some of the women waiting there, spoke with them and sent them off until I was the only one left,” the woman alleged.

As per the survivor, the MP then called her inside a room and she obliged.

“He held my hand, pulled me inside and locked the door. When I asked him why was he closing the door, he told me nothing would happen and made me sit on the bed. He said my husband should talk less and warned me of the consequences. He also said that because of my husband, his mother, Bhavani Revanna, missed the MLA ticket. He told me that if my husband wants to grow politically, I should listen to him [Prajwal],” the woman alleged.

Next, Prajwal allegedly told the woman to lie down on the bed and undress. When the woman refused and said that she would shout, Prajwal allegedly threatened her that he had a gun and warned of dire consequences for her and her husband.

The woman alleged that Prajwal took out his mobile phone and then raped her.

“He raped me and sexually assaulted me and recorded the act on his mobile phone,” the woman alleged. “He threatened to leak the video if I ever spoke about it and told me to be there whenever he wanted. After that, he used to video call me frequently, ask me to be naked during the call and raped me in multiple instances.”

The woman claimed that she was scared and did not make the incident public and chose to come forward after she learnt of the Special Investigation Team (SIT) set up by the Karnataka government to probe the alleged Hassan sex scandal.

A case was registered under Sections 376(2)(n) (commits rape repeatedly on the same woman), 506 (criminal intimidation), 354A(1)(physical contact and advances involving unwelcome and explicit sexual overtures), 354B (assault or use of criminal force to woman with intent to disrobe) and 354C (voyeurism) of the Indian Penal Code (IPC) and 66E (violation of privacy) of the Information Technology (IT) Act.

Prajwal is also accused in a sexual harassment case along with his father, Holenarasipur MLA HD Revanna, registered at the Holenarasipur police station in Hassan on April 28. 

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