Infosys founder NR Narayana Murthy on Saturday said he was hurt by B1 visa fraud charge inflicted by a US court on the company. Murthy was addressing the shareholders of Infosys at its 30th AGM in Bangalore, which was Murthy’s last as the chairman of the board.
“As I leave the board, I feel sad that Infosys has been issued a subpoena by a grand jury in the US on the B1 issue. The issue will be decided on its merits in due course, ”Murthy said.
An American court in May had asked India's second-largest software services exporter to submit documents and records related to the company's sponsorships and utilisation of B-1 business visas.
The development came in the wake of a lawsuit by a former Infosys employee Jack Palmer, who alleged that he was asked by the firm to sign on documents which said workers went to the US to have meetings rather than to work there. Palmer has alleged that this was done to "creatively" overcome H1-B visa caps.
Striking an emotional note at his last AGM as chairman, Murthy said, “It is not easy for me to deliver my last address at this forum. As I speak, a mosaic of images from the past whizz through my mind.”
On the company‘s journey into its 30th year, Murthy said,"Turning thirty is a good time to reminisce, reflect and look ahead. Thirty is also the time to break new ground.” Infosys was founded on July 2 1981 by seven entrepreneurs. Watch (Infosys turning 30 is a good time to look ahead: Murthy)
Commenting on his journey, Murthy said, “My life story should boost confidence into every average person.”
Advising the future leaders of the company, Murthy said, “We must strengthen customer, employee and investor connect. The company is on threshold of another breakthrough in its journey to add value for clients."
Murthy also said that Infosys 3.0 marks transition from a technological company to a business solutions company.
The company has appointed R Seshasayee, an additional director at its board as an independent director.
Former Microsoft India chairman Ravi Venkatesan, who was inducted as an additional director in April has also been appointed as an independent director on the board.
Murthy will retire on August 20 this year and will become the chairman emeritus of the company. The charismatic IT czar of India started Infosys with an initial investment of Rs 10,000 in 1981 along with his six co-founders.
Since then, Infosys has grown to become a $6-billion IT services and consulting company with over 1.3 lakh employees and is now listed on Nasdaq.
Recently, the company underwent one of its biggest management changes with the appointment of banker K V Kamath as its chairman. Kamath will take over from Narayana Murthy.
Co-Founder and COO S D Shibulal was appointed as the new CEO, to take over from S Gopalakrishnan, who will now serve as Co-Chairman.
Infosys has described this phase as "Infosys 3.0", under which it has announced new verticals and service lines. It is also transitioning from a technology company to one offering business solutions.
Here is the complete text of speech delivered by Mr Murthy
"We believe that our new strategy and supporting organisation structure will help us expand our global market by forging strategic partnerships with our clients and increasing our relevance to all facets of their enterprise.
It is not easy for me to deliver my last address at this forum. As I speak, a mosaic of images from the past whizz through my mind.
As I leave the board, I feel sad that Infosys has been issued a subpoena by a grand jury in the US on the B1 issue. The issue will be decided on its merits in due course.
This is the time to continue and even strengthen our well acclaimed and much respected focus on embracing meritocracy, transparency and openess of discussions and consultations with competent colleagues, relentlessly and repeatedly communicating the importance of values to every level in the organisation, not waffling and being umambiguous about practising our values, never negotiating on our values, punishing the guilty heavily and swiftly and being firm and quick in every decision making based on our values.
This is the path, I have walked during the last 30 years at Infosys with much peace of mind and a clear conscience.
My life story should be a confidence booster for every average person in the world that he or she can indeed make a difference atleast in a small way to this world."
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