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Tuesday , 22 August 2017
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NRN’s request to make Panaya Report public turned down

 

Infosys co-founder N R Narayana Murthy’s request to make the Panaya report public which has been drawn by Gibson, Dunn and Crutcher has been turned down by the company. 

Recently Murthy questioned why executives such as Ritika Suri  who was a member of the team that acquired Israeli firm Panaya had quit Infosys soon after the global law firm gave a clean chit. Infosys has been in trouble in the recent past with lot of big heads quitting the company which included Head of Americas Sandeep Dadlani, Yusuf Bashir who is the global head of USD500 Million Innovation Fund run by Infosys.

“The investigation involved interviews of over 50 witnesses in India, the US, and elsewhere, the review of company policies, board minutes, public filings and internal documents, the collection, search and review by Gibson, Dunn attorneys of many thousands of internal emails and attachments, the use of forensic accounting experts to analyse technical and financial information, the review of public filings and media accounts in multiple countries, the review of the CAM reports and supporting documentation, and other investigative measures,” said Infosys

The findings made public by Infosys included severance payout to former CFO Rajiv Bansal and expenses incurred by Sikka over the alleged improprieties in the acquisition of USD 200 Million Panaya.

Infosys said in a response that the company did not plan to make the report public. This was emphasised by Sikka who wrote a letter to employees mentioning “Recently, when I turned 50, another anniversary, a great teacher of my life gave me a rare book of reflections by Hermann Hesse.In it, I found this one gem: Some of us think holding on makes us strong, but sometimes it is letting go.”

 

 

“The future is really a construction of now. A string of beautiful, momentous, nows. We live with an illusion of permanence, but all we really have is the now, with their beauty, their opportunity, their challenge, their ephemerality,” the letter also said.

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