V Balakrishnan, the former Chief Financial Officer of Infosys, this week wanted the discontinuance of particular panel members. This is done in view of the firm filing an agreement appeal with SEBI on corporate governance lapses pertaining to severance package of Rajiv Bansal, its former CFO.
“I believe that the continuance of particular panel members such as Ravi Venkatesan (the erstwhile co-chairman) and Roopa Kudva (the audit committee chairman) seems highly indefensible in view of the present growth of the firm filing approval agreement with SEBI over severance package case of Bansal,” Balakrishnan claimed to the media in an interview. In light of the present growth, it is all the more significant to reorganize the panel and fill it with individuals of high stature and integrity, he claimed.
The scornful communication to the share exchanges accusing N R Narayana Murthy, the Infosys Co-Founder, for all of the lapses of the board was unparalleled, claimed Balakrishnan, who is well recognized as the supporter of Murthy. He also claimed that all along, the panel had constantly refused any illegal behavior and in fact accused Murthy terming his inquiring as a “unwise campaign.”
Previously, Murthy had blamed Infosys and its panel of failing in corporate governance and disclosure terms. The panel of Infosys is obliged for an apology to Murthy and must take actions to take back that statement, he claimed. “Murthy forever stood for huge level of corporate supremacy and only reacted in the interest of defending a great organization such as Infosys,” Balakrishnan claimed.
Infosys last week claimed that it had approached SEBI with an appeal to resolve the problems arising out of supposed disclosure lapses on the severance payment given to Bansal. During a dictatorial filing to the BSE, the second largest IT company of India had claimed that the settlement appeal made to SEBI was neither a denial nor admission of guilt.