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Spotlight on Infosys promoters at AGM on Saturday
Bengaluru, June 22 (IANS) With the return of co-founder Nandan M. Nilekani as Infosys Chairman, the spotlight at the IT firm’s 37th Annual General Meeting (AGM) on Saturday will be back on its promoters, who skipped the last AGM as they fell foul with its previous board and management.
“We hope the company’s main promoter (N.R. Narayana Murthy) and other co-founders will attend the AGM as they used to every year when they were at the helm and after since Nilakeni is back as Chairman,” an Infosys investor told IANS on Friday here.
Murthy and other co-founders, including Nilekani, S. Gopalakrishanan, S.D. Shibulal and K. Dinesh kept away for the first time from the company’s AGM on June 24, 2017 due to serious differences over governance issues with some of the Board’s previous members and its first non-founder Chief Executive Vishal Sikka.
“I received a letter from Nilekani over a month ago, enclosing the notice for the AGM to approve the annual accounts for fiscal 2017-18, dividend and other resolutions. With a new Board and management, I hope the company is out of its worst crisis,” said the retail investor, preferring anonymity.
Since Nilekani rejoined the $10.94-billion software major in August 2017 eight years after he resigned as CEO to join the then UPA government as head of the state-run UIDAI, which issues the unique identification card Aadhaar, the company has embarked on Infosys-3 version, with a paradigm shift to disruptive and digital technologies.
The exit of former Board Chairman R. Sehasayee, Sikka and two other Board members after months of bitter war with the co-founders, especially Murthy over probity in the acquisition of Panaya in 2015 and huge severance package to former Chief Financial Officer Rajiv Bansal, allowed Nilekani to step in and steer the company out of the crisis.
“Though the company was back on the growth path even when Sikka was running it, the spat between promoters and the previous Board dented its image and over-shadowed its performance. Nilekani’s return has done good for all,” said the investor who has been holding the blue-chip’s scrip (shares) for a long time.
The appointment of Salil S. Parekh as the new and second non-founder Chief Executive since January has made the company stay focused on business growth and adopt to the changing technology landscape as its clients have been asking more for less.
Parekh, 53, joined Infosys on January 2 from Capgemini where he was a member of the Group Executive Board.
“Our clients, including large enterprises and government organisations, are at different points in their digital journey. We are positioning our capabilities to help them navigate their next across the different dimensions of this journey,” said Parekh in his first letter to the company’s shareholders ahead of the AGM.
The company also rewarded its investors, with a record 870 per cent aggregate dividend or Rs 43.50 per share of Rs 5 face value for fiscal 2017-18.
Interestingly, the AGM also marks the company’s 25th year of going public in 1993 when its shares were listed on the BSE.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.