Infosys Co-Founder Narayana Murthy to address investors tomorrow

Standing at a market cap of Rs2.04 trillion Infosys now ranks at the eleventh position and has been replaced in the top 10 by Indian Oil Corporation Ltd with market cap of Rs2.07 trillion

Infosys boss Vishal Sikka resigns

"It is very clear that the board had taken the step to blame Murthy just to hide its own failures", he said. Mr Sikka was appointed in June 2014 and tasked with turning around the struggling business.

In a letter filed to the exchanges on the day of Sikka's resignation, the board had blamed Murthy's "continuous assault" as the primary reason for the resignation of Infosys' first non-founding CEO in its history.

The last straw for Sikka seemed to be Murthy's claim that he had been told by Infosys' independent directors that Sikka was more suited as a Chief Technology Officer than CEO.

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The tussle between Infosys and its founders began in February after founder and former chairman Narayana Murthy accused the company of corporate governance lapses.

In his letter, Murthy also said that the company's investigation of the anonymous allegations in February was "not the way an impartial and objective investigation should be held".

"High performers at Infosys identified more with Sikka in recent times rather than Infosys as an institution, and may now look at avenues outside the company (unlike TCS, for example, where employees have always prided themselves in working for an iconic institution more than anything else)", it said.

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In addition to the external distractions Sikka named in his letter, the company has also been roiled internally, most recently by anonymous allegations sent to US and Indian regulators in February.

"Unless, the governance issues are fixed with appropriate balance in the board, getting a CEO to run the company looks extremely hard", he said. In a short statement on Friday, Murthy had said that he would respond "in the right manner and in the right forum and at the appropriate forum".

He further says that all these actions will affect the high regard for the governance standards of Infosys, and that Murthy would lose respect of the board members and former board directors.

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The Board said Murthy repeatedly made "inappropriate" demands inconsistent with his stated desire for stronger governance, and his "campaign" intensified over time.

In absolute terms, the software service exporter has lost Rs 33,914.71 crore of its market capitalisation as of Monday's closing, after sell-off was triggered Friday morning.

Brokers said emergence of buying coupled with a positive trend in other regional markets following overnight gains in the USA influenced sentiments here.

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As finding closure to the "founder issues" and maintaining business traction, especially in large accounts, would not be easy, Dhasmana said that, over the long-term, the Board had to create mechanisms to shield the management from external noise as had been the case with Sikka.

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