Bengaluru: Infosys initiated the process to sell its Panaya subsidiary, a top company official said on Saturday. "We have initiated the process of discussion to sell Panaya as discussed by the board in April," CEO Salil Parekh told shareholders at the company's 37th Annual General Meeting (AGM) here. Chief Financial Officer (CFO) M D Ranganath told the stakeholders that the company was following due diligence on acquisitions ahead.
"We are monitoring the acquisitions we have done and are following due diligence on acquisitions ahead," he said.
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.
However, the company's internal committee found no impropriety in Panaya acquisition.
The automation technology firm was bought to offer large-scale enterprise software management as a service to the company's global clients.
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 company, in April, announced its decision to sell Panaya by March 2019.
Investors Cheer Nandan Nilekani's Return
Investors of global software major Infosys on Saturday cheered the return of co-founder Nandan M Nilekani as Chairman to steer their firm onward after a turbulent year over governance issues.
"Nilekani's return has restored our confidence in the company, which progressed the most when he and other co-founder (N.R. Narayana Murthy) were at the helm," said a shareholder at the company's 37th Annual General Meeting (AGM).
Nilekani, 63, re-joined the $10.9 billion IT major in August 2017 eight years after he resigned as CEO to become head of the state-run UIDAI, which issues the unique identification card Aadhaar.
Nilekani replaced R. Seshasayee who, resigned along with the first non-founder Chief Executive Vishal Sikka and two other board members due to a spat between them and the promoters over corporate governance issues since a year.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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