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Infosys shareholders unanimously approve Murthy's appointment as whole-time director

Source : BUSINESS_STANDARD
Last Updated: Sat, Aug 03, 2013 21:32 hrs
Employees of Indian software company Infosys walk past Infosys logos at their campus in the Electronic City area in Bangalore

Infosys shareholders on Saturday gave a thumbs up to the return of N R Narayana Murthy to the company, unanimously approving his appointment as whole-time director on the company’s board.

Infosys had convened an extraordinary general meeting to ratify the appointment of Murthy, who returned to the company in June as director and chairman on the board. “I am very grateful to the shareholders for their kindness in appointing me as a director and consequently, as chairman, of the company for a period of five years,” Murthy said.


“I have realised this kindness comes with a deep sense of responsibility. I hope I will be able to discharge my obligations to the expectations of the shareholders.”

During the meeting, shareholders heaped praise on Murthy for being instrumental in driving the company’s share value in his second innings.

Huge sacrifice’
They said Murthy had made a huge sacrifice by announcing he would take just Re 1 as salary. The shareholders added other board members should follow suit.

“As we know, before the return of our chairman Narayana Murthy, the value of the share was Rs 2,300. But today, it is trading at over Rs 3,000. We never predicted that. I feel this has happened due to the efficiency of Infosys, but because of the personal image of Narayana Murthy,” said K Sadananda Shastri, a shareholder.

Shastri said he was opposing the resolution (on the appointment of Murthy) with a “good intent”, as he felt “Murthy is sacrificing his livelihood” by taking only Re 1 as salary.

In a reply to a query by shareholders, V Balakrishnan, director, said all statutory benefits such as provident fund would be given to Murthy and gratuity would be calculated on the base salary of Re 1 a year. All other benefits, including leave encashment, would be similar to those of other employees, he added.

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