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Narayana Murthy back as Infosys
Executive Chairman
Bangalore, Jun 1 (PTI) In a dramatic development, the country's second largest software services major Infosys today re-appointed N. R. Narayana Murthy as its
Executive Chairman with immediate effect to put the company back on high growth path.
At a meeting held here earlier in the day, the Board approved appointment of Murthy as Executive Chairman and Additional Director with effect from June 1, 2013, the city-headquartered NASDAQ-listed firm said in a statement.
Veteran banker K. V. Kamath would step down from his position as Chairman of the Board and take up the position of Lead Independent Director effective June 1, 2013.
"...Board has taken this step keeping in mind the challenges that the technology industry and the company faces and in the interest of all stakeholders, particularly shareholders large and small, who have asked for strengthening of the executive leadership during this challenging time," Kamath said.
"Murthy's entrepreneurial and leadership record and the long experience he has had as a technology pioneer makes him eminently qualified to lead the company and provide strategic direction at this point in time," he said.
Murthy said: "This calling was sudden, unexpected, and most unusual. But, then, Infosys is my middle child.
Therefore, I have put aside my plans-in-progress and accepted this responsibility.
"I am grateful to K. V. Kamath — the Chairman, the Board, and every Infoscion for giving me this opportunity. I intend to do my best to add value to the Company in this challenging situation." The statement said, subject to his election as a director at the AGM, the Board will take up in its meeting on June 15, the resolutions for convening an extraordinary general meeting within the requisite period.
This is in order to seek approval from shareholders for appointing Murthy as executive chairman and
whole-time director for a period of five years commencing today.
The re-shuffle also marks the entry of the next generation of Infosys founder with Murthy's son, Rohan, joining the over USD 7-billion firm as his father's executive assistant.
Murthy intends to create the Chairman's office to assist him during his tenure to function more effectively and has requested the Board to permit him to put together a team, which will include Rohan, the statement said.
Global uncertainties have impacted performance of Infosys. Often considered a bellwether for the sector, Infosys has given lower-than-expected revenue guidance of 6-10 per cent growth.
This is less than industry body Nasscom's estimate of 12-14 per cent growth for the Indian software services industry in FY2013-14.
S. Gopalakrishnan, who was serving as the Executive Chairman, would be re-designated Executive Vice Chairman and would primarily focus on key client relationships and broader industry issues, the Infosys statement said.
S. D. Shibulal would continue to be the Managing Director and CEO of the company, it said.
In August 2011, Kamath was appointed Chairman, succeeding Murthy, who was made the Chairman Emeritus post his retirement. Also, the then CEO and MD S Gopalakrishnan (Kris) was elevated as the executive co-chairman, while COO S D Shibulal filled in Kris' position.
During his term, Murthy would draw a token compensation of Re 1 per year.
Both Gopalakrishnan and Shibulal have requested that they too draw an annual compensation of Re 1 and the Board has accepted their requests, subject to necessary shareholder and government approvals.
On his appointment being confirmed, Rohan Murthy's term as Executive Assistant to the Chairman would be co-terminus with that of Narayana Murthy. Rohan has requested that he should also be paid only a token compensation of Re 1 per year.
Murthy, along with six fellow software engineers, established Infosys with about USD 250 in 1981. In the last 30 years, they have made it one of the most respected names in the software outsourcing sector.
— PTI 
BCCI meet to decide fate of Srinivasan
NEW DELHI: An emergency meeting of the BCCI will be held in Chennai
on Sunday in which beleaguered president N. Srinivasan may announce his
resignation from the post after he has been virtually isolated by his
team in the Board.
As pressure mounted on him to quit in the wake of the IPL spot-fixing
scandal and the arrest of his son-in-law on betting charges, the BCCI
has advanced the Working Committee meeting, which Srinivasan had planned
to convene next Saturday.
“An emergent Working Committee meeting will be held in Chennai at 11
am,” BCCI Game Development Manager Ratnakar Shetty said in an
announcement that came hours after Vice-President Arun Jaitley and Joint
Secretary Anurag Thakur told reporters to wait for a “significant”
development in a day.
“Wait for a day, you will hear something significant,” said Jaitley
when asked if the five vice-presidents of the Board, including him,
could put in their papers on Saturday.
“Wait for a day, something significant is about to happen. Just be
patient, we are committed to improving the image of Indian cricket. The
police probe is still on, we have to be a little patient,” said Thakur.
In an indication that the resignation might come on Sunday, IPL Chairman
Rajeev Shukla said “some announcement is likely to be made. Wait for a
day”. — PTI
Naxalites kill
CRPF officer in Chhattisgarh
RAIPUR: A CRPF officer was today killed in an encounter with suspected Naxalites in Gariaband district of Chhattisgarh.
Assistant Commandant S. K. Das of the force was leading a squad of his men in the forests of Gariaband, 150
km from here, when the patrol encountered an armed Naxal squad at around 3 pm.
Das succumbed to bullet injuries which he had received in his abdomen and groin region, sources said.
He was leading a team of CRPF men belonging to the 211 battalion for a special anti-Naxal operation in the area.
The Naxals had carried out a deadly ambush in the Darbha valley area of Bastar in the state on May 25 killing 27 persons, including state PCC chief Nand Kumar Patel and another prominent party leader Mahendra Karma. — PTI
Naxal attack: Mahendra Karma’s PSO succumbs to injuries
RAIPUR: Senior Congress leader Mahendra Karma’s personal security officer (PSO), who was critically injured in the deadly Maoists attack in Bastar, succumbed to his injuries at a hospital in Raipur on Saturday, taking the death toll in the tragedy to 28.
“PSO Siyaram Singh, who had received serious intestinal injuries in the gunfire, died of multiple organ failure,”
Dr Sandeep Dave told PTI.
Singh had received bullet injuries, which caused infection in several body parts, he said, adding that ten more injured persons being treated at the hospital are out of danger.
Chhattisgarh Armed Force jawan, Siyaram, was paid rich tributes at the 4th battalion Mana camp in Raipur on Saturday. — PTI
DMK to explore legal options in 2G case
CHENNAI: DMK chief M. Karunanidhi, whose wife is seeking exemption from personal appearance as a witness in the 2G spectrum case, on Saturday said further legal options will be explored since the court directive “is not final”.
Karunanidhi said his wife Dayalu Ammal’s health condition is well-known in Tamil Nadu and that she cannot travel by air.
All her medical certificates have been submitted before the court with a plea that a medical team from a central government-run hospital could examine her and certify and all these expenses would be borne by them, Karunanidhi said.
CBI had also accepted this but it was not clear why the judge had directed for her personal appearance, he said.
“Since this verdict is not final, further course of action has to be finalised only after consulting advocates. Even after this if it is insisted that she depose in person, and if there are further complications to her health, who will take responsibility,” he asked reporters.
The court had on Friday dismissed two applications filed by Dayalu seeking exemption from personal appearance as a witness and to dispense with her presence in the case citing her ailing health condition. — PTI
New Pakistan Parliament sworn in
Islamabad: Fourteen years after his last stint as a parliamentarian, Prime Minister-designate Nawaz Sharif on Saturday returned to Pakistan’s National Assembly, taking oath with other lawmakers in the first democratic transition of power in the country’s 66-year history.
Sahrif along with the parliamentarians was administered the oath by outgoing National Assembly Speaker Fehmida Mirza shortly after noon as the new National Assembly gathered for its first session amidst tight security.
The PML-N chief flew from Lahore to Rawalpindi with close aides before driving to the capital to join the session of the new National Assembly that is set to anoint him as Prime Minister for a record third term.
Hundreds of security personnel were deployed to protect the “Red Zone” in the heart of Islamabad, as military helicopters carried out aerial surveillance of the city.
He was then driven in a motorcade to Islamabad to attend the session of the National Assembly.
After the recitation of a verse from the Koran, the outgoing Speaker administered the oath to the lawmakers.
Mirza announced that the new Speaker and Deputy Speaker would be elected on June 3 and then invited the new members to sign the roll of the National Assembly.
Speaking with the media at the Rawalpindi airport, Sharif expressed his satisfaction at the “peaceful transition” ushered in by the May 11
General Election.
He thanked God for giving an opportunity to the people to bring about a change through elections.
“I think it is lucky that my party and I had a role in this movement. It is a very good thing that there is a peaceful transition in Pakistan,” he said. — PTI
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