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Infosys seeks shareholders’ approval for various key decisions

As per the new strategy pronounced by Infosys founder Narayan Murthi, the company will seek a greater role for shareholders in the company affairs and important decisions. On those lines, Infosys today asked its shareholders to provide their approval for various key decisions such as appointment of co-founder Nandan Nilekani as non-Executive Chairman, buyback of equity shares, and induction of UB Pravin Rao as Managing Director and D. Sundaram as an Independent Director. The move to involve shareholders in key decisions is being seen as an effort to improve transparency in the organization. In the last few years, the organization seemed to have curtailed its transparency, something that the founders are trying to rectify. The shareholders can provide their approval or disapproval through postal ballot or electronic voting.

The company has already submitted a regulatory filing with the BSE regarding the approvals being sought from shareholders. An excerpt from the regulatory filing submitted by Infosys reads, “The postal ballot notice is being sent to all shareholders whose names are in the register as on August 30, 2017 to seek their approval for the buyback of the equity shares and appointments of Nilekani, Rao and Sundaram on executive posts.” Shareholders can provide their approval or disapproval between September 8 and October 7. The final results will be announced on October 9. The e-voting will be conducted by the National Securities Depository Ltd (NSDL) and postal ballot will be managed by Company Secretary Paramehswar Hegde.

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