Infosys Shareholders Clear Nandan Nilekani’s Appointment As Chairman

Infosys Ltd. shareholders today approved the appointment of Nandan Nilekani as chairman and UB Pravin Rao as managing director.

The special resolution for the up to Rs 13,000-crore buyback offer has also been approved by the shareholders with 98 percent voting in favour, the Bengaluru-based company said in a regulatory filing.

There was 100 percent voting in favour of the proposal to appoint Nilekani as non-executive, non-independent director and the chairman of the Board by the promoter group and institutional investors, the filing showed. About 99 percent by retail investors voting in favour of the appointment.

Also Read: Infosys Buyback: What A Retail Investor Needs To Know

After months of acrimony between founders and the then management led by R Seshasayee and Vishal Sikka, Nilekani was appointed as the chairman to steer the tech giant.

Nilekani, who was among the seven co-founders, will not receive any remuneration for his current post, the postal ballot had said.

As of June 2017, promoter group held 12.75 percent stake in Infosys, while public shareholders accounted for 86.76 percent stake.

The resolution to appoint Rao as the MD received 100 percent voting in favour by promoter group and institutional investors and 99 percent of retail investors agreeing to the proposal.

The resolution to appoint D Sundaram as an independent director on the board was also passed with 100 percent voting in favour of the proposal.

Also Read: Nandan Nilekani Gets To Cleaning Up The Infosys Mess