Tech

Investors seek Nilekani's return

Investors seek Nilekani's return

"This is the view of at least three members of the board, and not my view since I have not seen him operate from the vantage point of an Infosys board member", Murthy reportedly said in the email.

Nilekani will work as a non-executive, non-independent director of the company with immediate effect.

Amid chaos, some reports have claimed that India's UID man Nandan Nilekani will come back to steer the Infosys away from troubled waters.

"Many investors are asking for Nilekani to come back".

Sikka, a former SAP executive, who joined Infosys as its first non-founder CEO in 2014, resigned amid what he said were "baseless, malicious and increasingly personal attacks", sparking a massive sell-off in Infosys' shares and wiping billions of dollars off its market value.

"It's a good development as the company has got a credible face on the board who will act as a guide, and assure clients and shareholders that critical functions and strategies will continue", said Harit Shah, IT analyst at Reliance Securities.

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Nilekani, having worked a lot of time with co-founder N R Narayana Murthy, will also put the latter at ease with regards to the corporate governance issues that he has been raising.

Sources said the 12 fund mangers, in a joint letter written to Infosys chairman, among others, said Nilekani enjoys confidence of various stakeholders, including customers, shareholders and employees.

Nilekani, one of the company's co-founders who served as its CEO from 2002 to 2007, could not be reached for comment.

Meanwhile, the buzz of Nandan Nilekani's return to Infosys led to the company's shares rise as much as 3%.

Though the 70-year-old Murthy declined to respond to the company's Board charge that his continuous attacks led to Sikka's exit, he made a decision to explain his stand on the tussle to restore investors' confidence in the iconic IT major. Sikka is not like the former CEOs that he is not one of its founders as he spends more time in U.S. from where the company acquires the majority of its proceeds. They have told me umpteen times that Dr Sikka is not a CEO material but CTO material. All equity awards that vested during his employment with the Company will remain as vested as per the terms of the equity plan and award agreement A separation agreement reflecting this and other terms such as a mutual release and non-disparagement obligation has been approved by the Board. Some investors including institutional investors have also raised their voice in support of Nilekani.


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