Infosys co-founder: Make report on Panaya deal public
Amid fresh tensions with management, NR Narayana Murthy wants the inquiry report on acquisition of the Israeli firm to be made public
The simmering tensions between the current Infosys management and the co-founders once again reached the flashpoint with co-founder N.R. Narayana Murthy demanding that the inquiry report on acquisition of Israeli firm Panaya be made public. The Infosys management, however, declined the request.
Murthy wrote the letter three weeks ago asking for a full public disclosure of the report by US law firm Gibson Dunn and Crutcher, and global risk consultancy and investigations firm Control Risks, reports Times of India.
The inquiry was ordered following whistle-blower complaints to Indian market regulator Securities and Exchange Board of India and the US Securities and Exchange Commission over alleged improprieties in the $200-million acquisition of Panaya.
Infosys had on June 23 disclosed a summary of the investigation by the above two firms. They had stated they did not find any evidence to support any of the allegations.
However, Murthy questioned why executives such as Ritika Suri — who was a member of the team that acquired Panaya — quit Infosys soon after getting a clean chit.
Ever since Vishal Sikka took over as Infosys CEO, nearly three years ago, he had frequent run-ins with co-founders over issues such as executive compensations, hefty severance packages and new deals.
The country’s second largest software services company is also battling rise in protectionist regimes in Europe and US, and technological challenges such as cloud computing and artificial intelligence.