Infosys board after ‘careful consideration’ gives clean chit to Panaya deal

The Infosys board under chairman Nandan Nilekani today gave a clean chit to the controversial Panaya acquisition, saying there was no merit in the allegations of wrongdoing.

“After careful consideration led by our Chairman, the Board reaffirms the previous findings of external investigations that there is no merit to the allegations of wrongdoing,” Infosys said in a statement. In the eye of storm over founders’ alleging corporate governance lapses and questioning high severance packages to former key officials, Infosys today reported its second quarter numbers. This was Infosys’ first earnings announcement after Nilekani took over the reins of the Bengaluru-based company, following protracted acrimony between the founders and the management that eventually resulted in the sudden resignation of the then CEO Vishal Sikka and a board rehaul.

Giving a detailed outline of the review undertaken on Panaya issue, Nilekani said: “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.” Infosys founder NR Narayana Murthy had demanded that the full report by Gibson, Dunn and Crutcher on whistleblower allegations pertaining to the USD 200 million Panaya deal, be made public. But Infosys today said that after …read more