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Infosys to sell Panaya, Skava subsidiaries

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Bengaluru, April 13 (IANS) Software major Infosys on Friday decided to sell off its subsidiaries Panaya and Skava, which includes Kallidus, by March 2019.

“The company has initiated identification and evaluation of potential buyers for Panaya and Skava following a strategic review of its businesses,” said the IT major in a statement.

Accordingly, the company has reclassified the combined assets of Rs 2,060 crore ($316 million) and liabilities of Rs 324 crore ($50 million) of the two subsidiaries and presented as held for sale.

“On reclassification, an impairment loss of Rs 118 crore ($18 million) in Panaya has been recognised in the consolidated profit and loss for the fourth quarter and fiscal year 2017-18,” it said in the statement.

The company has also written off Panaya’s investment valued at Rs 589 crore ($90 million) in its standalone financial statement.

The acquisition of the US-based Panaya for $200 million in February 2015 rocked the company in 2017 after its co-founder N.R. Narayana Murthy red flagged lack of transparency in the deal and accused the previous board of compromising on governance issues during its negotiations.

The controversial deal came to light after an anonymous whistleblower alleged that the company’s executives had personal interests in buying it, also resulted in the exit of its first non-promoter chief executive Visha Sikka in August 2017.

The automation technology firm was bought to offer large-scale enterprise software management as a service to the company’s global clients.

Co-founder and non-Executive Chairman of Infosys Board Nandan Nilekani also found no wrongdoing in Panaya’s acquisition, reaffirming findings of external investigations that there was no merit in the allegations.

As indicated on his return to Infosys on August 24, Nilekani reviewed the investigations into complaints by anonymous whistleblowers on Panaya buy.

Skava, acquired in June 2015 for $120 million in an all-cash deal, offers digital solutions, including mobile commerce and in-store shopping experience to large retail clients.

–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

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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.

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