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25 August 2017, 01:51 | Yvette Williams
Ratan Tata and N.R. Narayana MurthyReuters
Infosysboard in an unusually strong statement defended Sikka's performance and ruled out a formal role for Murthy in the company's governance.
"It is very clear that the board had taken the step to blame Murthy just to hide its own failures", he said.
The open hostilities will make it hard to draw top candidates from outside the company and likely increase the chances an internal executive will be elevated to CEO.
Murthy first released a short statement expressing "extreme anguish" over the "allegations, tone and tenor" of the Infosys Board statement.
The board had backed Vishal Sikka on it's part. Infosys rose around 1 per cent after suffering steep losses in the previous two sessions.
Once the poster boy of Indian IT success story and considered a bellwether among Indian tech stocks, Infosys has had to battle challenges like an uncertain business environment, senior level exits and increased visa scrutiny in key markets like the U.S. and the UK.
Infosys' board approved the proposal to buyback its fully paid-up equity shares at a face value of Rs 5 each for an amount not exceeding Rs 13,000 crore.
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As finding closure to the "founder issues" and maintaining business traction, especially in large accounts, would not be easy, Dhasmana said that, over the long-term, the Board had to create mechanisms to shield the management from external noise as had been the case with Sikka.
Infosys has little time to waste in choosing a successor. The IT giant of India appointed COO UB Pravin Rao as its interim CEO and now, in search of a capable boss to lead.
Ravi Venkatesan, company's co-chairman had last week pointed out that it is hard to get an external candidate to run Infosys at this stage.
Putting up grave allegations, Murthy said that Infosys board made inaction its strategy since 2015. "They'll wonder how much autonomy they'll get as CEO considering all that's happened".
India's second-biggest IT firm Infosys said it will buy back shares worth up to 130 billion rupees ($F4 billion), a day after Vishal Sikka resigned as chief executive after a long-running feud with the company's founders. Even an attractive buyback announcement over the weekend could not boost the mood on Monday. He was reacting to comments made by former Infosys board director Omkar Goswami, who in a business daily wrote that the corporate governance halo conferred upon Murthy was shrinking. He had alleged that the company might have paid hush money to former CFO Rajiv Bansal and that the Panaya acquisition had not been above board. "It has to be reconstituted if the new CEO has to have a chance", said Pai in a telephone interview. Sikka, the eventual choice who was plucked from a top job at SAP, was the first chief appointed from outside the group of founders. The industry is facing squeezed margins, Brexit question marks over European businesses, and uncertainty in the United States, thanks to visa policy changes.
Founders still hold 12.75 per cent in Infosys. Sikka's spending came under fire, with open criticism of his chartered flights and prime Palo Alto office.
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