Bengaluru: The Infosys board under chairman Nandan Nilekani on Tuesday 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 on Tuesday 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 $200 million Panaya deal, be made public.
Infosys Q2 profit grows 3.3% to Rs. 3,726 crore
New Delhi: The second-largest Indian IT exporter Infosys on Tuesday reported 3.3 per cent growth in consolidated net profit to Rs 3,726 crore for the second quarter ended September 30, 2017-18. It had posted net profit of Rs 3,606 crore in the July- September quarter of 2016-17, Infosys said in a BSE filing. Revenue of the Bengaluru-based firm grew 1.4 per cent to Rs 17,567 crore in the September quarter of the current fiscal, as against Rs 17,310 crore in the year-ago period. The company lowered its revenue growth forecast for 2017 -18 to the 5.5-6.5 per cent range, from the earlier 6.5-8.5 per cent.