Infosys co-chairman Ravi Venkatesan on Tuesday met Finance Minister Arun Jaitley amid the uncertainty surrounding the company following the sudden resignation of its CEO Vishal Sikka.
According to sources, Mr. Venkatesan met the minister and is believed to have apprised him of the developments at Infosys as also the steps being taken to keep shareholders informed. Infosys was not available for comment.
Last Friday, the first non-founder CEO of Infosys, Mr. Sikka resigned from the company following months of acrimony with high-profile founders, led by N.R. Narayana Murthy, citing ‘malicious’ and ‘personal attacks’ on him.
While Mr. Sikka did not name Mr. Murthy for his exit, the board of the $10-billion firm blamed the founder for ‘continuous assault’ through ‘factually inaccurate’ and ‘already-disproved rumours’ for the resignation of the CEO.
Mr. Murthy, however, maintained that his only concerns were the lapses in corporate governance standards, something that Infosys was admired for at one point. However, the developments of August 18 sent the company’s stocks plummeting almost 10%, with market valuation falling by more than ₹22,518 crore in a single day.
Infosys has been battling challenges such as an uncertain business environment, senior level exits and increased visa scrutiny in important markets like the U.S. and the U.K.
