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Infosys names insider Jayesh Sanghrajka as interim CFO (Lead)

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Bengaluru, Nov 15 (IANS) Global software major Infosys on Thursday appointed its executive Vice-President Jayesh Sanghrajka as interim Chief Financial Officer (CFO) with effect from Saturday in place of outgoing CFO M.D. Ranganath.

“The Board of Directors at its meeting on Thursday appointed Sangharajka as the interim CFO and key managerial personnel of the company with effect from November 17,” said the city-based IT major in a statement.

The Board is in the process of selecting the next CFO as Ranganath steps down on Friday.

“Sanghrajka has spent 13 years in the company over two stints and performed leadership roles in the finance division and even as Deputy CFO,” said the statement.

Sanghrajka, who has 20 years of experience in chartered accountancy, worked with the company in the first stint between 2000-2007 as General Manager (Finance) and re-joined in 2012 as Corporate Financial Controller.

Ranganath, 55, who resigned on August 18 after 18 years of service to pursue opportunities in new areas, is the third CFO to quit the $11-billion IT firm in the last 5-6 years after Rajiv Bansal in October 2015 and V. Balakrishnan in December 2013.

According to the company’s 37th annual report, Ranganath’s annual compensation in fiscal 2017-18 was Rs 7.98 crore, including Rs 7.03 crore as salary, Rs 24 lakh as retrials and 71 lakh shares as stock options.

Ranganath, who owned 9,256 shares at the beginning of fiscal 2017-18, exercised 7,662 shares and held 16,918 cumulative shares at the end of last fiscal.

While Bansal resigned from the executive post in October 2015 amid a raging controversy over governance issues between the co-founders and previous Board, Balakrishnan was elevated as a Director and head of its back-office operations (Infosys BPO) in October 2012.

Infosys co-founder N.R. Narayana Murthy also objected to the hefty severance package (Rs 17.37 crore) to Bansal, who was party to the “costly” acquisition of the US-based Panaya software firm in February 2015 under its first non-promoter Chief Executive Vishal Sikka, who too resigned on August 18, 2017.

The Arbitral Tribunal of Justice R.V. Raveendran (retired) on September 17, orderedAthe company to pay Bansal Rs 12.37 crore with interest as part of the severance package.

The Tribunal also rejected the company’s claim for a refund of Rs 5.2 crore paid earlier to Bansal as part of the severance package. On legal advice, the company complied with the order and paid Bansal the balance amount.

–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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