5:27 PM Nandan Nilekani: I am here not just of the founder, I am here to represent 100 per cent of teh shareholders and to make sure we fulfill our legal obligations
5:22 PM
Nandan Nilekani: The Board has also approved the appointment of the executive recruitment firm Egon Zehnder to work with its Nominations and Remunerations Committee to review and identify the right candidate to be the Company’s next CEO and MD
5:21 PM Click here for the press release issued by Infosys
5:20 PM Nandan Nilekani: The Company has previously authorized investigations into allegations made by anonymous persons regarding the conduct of prior management, and each of these investigations concluded that there was no wrongdoing.
5:19 PM
"In recent days there has been considerable discussion of the relationship between the Board of Directors of Infosys Limited and NR Narayana Murthy who established the culture and ethos of Infosys, especially its culture of adhering to high corporate governance standards. The Board believes it to be unfortunate that various differences of opinion have arisen between Murthy and the Board in the recent past. The Board wishes to express that it was not its intention to cause Mr. Murthy or any other affected person any personal distress or anguish while stating its point of view.," Infosys said in a press release
5:17 PM The Board is focused on bringing complete stability to the Company. It has also tasked its Committee of Directors to work with the CEO and management to review and refresh the Company’s strategy by October: Nandan Nilekani
5:15 PM In less than 24 hours we have taken a lot of steps to bring back the sustainability of Infosys: Nandan Nilekani
5:14 PM I am here to build consensus and take the company forward: Nandan Nilekani
5:14 PM Asked if there will be any more exits, Nilekani said "let's put off this question until the next meeting"
5:12 PM Have met senior management and employees and discussed various issues with them: Nandan Nilekani
5:11 PM Believe that we have successfully completed the transition: Nandan Nilekani
5:10 PM Ravi Venkatesan resigned as co-chairman but will remain an independent director: Nandan Nilekani
5:09 PM I am here to represent all stakeholders: Nandan Nilekani
5:08 PM Vishal SIkka completed all responsibilities and resigned with immediate effect: Nandan Nilekani
5:08 PM Board appointed me as a non-Executive chairman unanimously: Nandan Nilekani
5:07 PM
Infosys Press Conference starts
4:59 PM The 62-year-old Nilekani plans to unveil his strategy in October, at the next board meeting.
4:58 PM Too early to say where the new CEO will be based: Nilekani said in an earlier concall
4:56 PM "I will stay as long as necessary. I will go once I am no longer necessary," Nilekani said without giving a timeframe for his second stint at Infosys
Illustration: Ajay Mohanty
4:55 PM Door is open for internal and external candidates: Nilekani on selection of new CEO.
4:53 PM Nandan Nilekani is expected to unveil a strategy to stabilise Infosys
4:51 PM Infosys press conference to start at 5 pm today.
4:22 PM Securities and Exchange Board of India (Sebi) Chairman Ajay Tyagi said on Tuesday the capital markets regulator was keeping a close watch on the share price movement of information technology (IT) bellwether Infosys.
Infosys turmoil: Will keep an eye on its stock price, says Sebi chief
4:18 PM
Earlier today, Nandan Nilekani tweeted: Joined Infosys at 26, re-joined it at 62. Life does turn full circle!
4:14 PM
4:13 PM We will maintain our neutral rating, said Nandan Nilekani
4:12 PM
Nandan Nilekani: Here to ensure proper integration with board, future sustainability. Will look at adding more directors to the board
4:11 PM Narayana Murthy an iconic figure, a visionary, says Nandan Nilekani
4:11 PM Will to forego rewards for many years, he said
4:11 PM It's important to have a greatteam. People must have common value system: Nilekani
4:10 PM I have a failry good idea what needs to be done to stabilise Infosys, says Nandan Nilekani
4:09 PM Nilekani said, 'Efforts are to build a truly independent board'
4:08 PM Nilekani on earlier concall: Infosys is a very unusual company, trying to hand the baton to the next generation
4:06 PM Stay with us for the first Infosys press conference after Nandan Nilekani's return today
4:04 PM What led to Sikka's exit? Major events that led to current Infosys turmoil
4:03 PM BS Special: Nandan Nilekani's appointment can only partially rid Infosys of its problems CLICK HERE TO READ
4:01 PM Nilekani in damage-control mode, to focus on CEO search, new board, strategy
3:57 PM
After gaining nearly 5% in past two trading sessions, Infosys is back in the top 10 companies by market capitalisation (m-cap) or value on the BSE and the National Stock Exchange (NSE).
With the m-cap of Rs 2,09,598 crore, Infosys is currently stands at ninth rank, ahead of Indian Oil Corporation, which had m-cap of Rs 2,07,881 crore , as of Thurday's close, the BSE data shows
3:57 PM Infosys ended 2% higher on Thursday at Rs 912, extending Wednesday’s gain of 2% on BSE, in otherwise range bound market.
3:55 PM
3:53 PM
The dramatic exit of Infosys' chief executive Vishal Sikka late last week took uncertainty to new highs and prompted several days of falling shares. A group of 12 major institutional investors wrote to ask for Nilekani - one of Infosys' seven co-founders, though largely absent from the spat - to come back on the board.
3:51 PM The unanimous decision of the board (to appoint Nilekani as non-executive chairman) reflects the confidence every one of us had in his credible leadership to steer Infosys out of these troubled time," Kiran Mazumdar-Shaw said.
Also Read: Nilekani will lead Infosys out of troubled times: Mazumdar-Shaw
3:44 PM Also Read: Challenges ahead as Nandan Nilekani takes on second innings at Infosys
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