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Investors seek return of Nilekani on Infosys board

Furquan Moharkan, DH News Service, Bengaluru, Aug 24 2017, 1:44 IST
Nandan Nilekani

Nandan Nilekani

In a fresh twist to the Infosys saga, domestic institutional investors (DIIs), which hold a significant stake in the IT major, on Wednesday called for bringing back Nandan Nilekani, co-founder and former CEO & MD of the company on its board in a suitable position.

The development came even as the company’s co-founder N R Narayana Murthy postponed his conference call with the investors to August 29 citing ill health.

The investors that include Franklin Templeton, IDFC AMC, DSP Blackrock Investment Managers, SBI Life Insurance, Birla Sunlife, ICICI Prudential Life Insurance, SBI Funds Management, Kotak Mahindra Asset Management, HDFC Asset Management, HDFC Life Insurance, ICICI Prudential AMC, Reliance NipponLife AMC wrote a common letter addressed to the Chairman and Co-Chairman of the IT company, asking them to bring back Nilekani on the board.

Although the investors have not specified the exact role for Nilekani, one of the signatories said that they are looking at him in a mentorship role at the firm.

However, Nilekani, despite repeated calls from DH, did not respond.

“Nandan is too big a guy to look after day-to-day affairs of the company at this stage. He won’t come back to run the company. The best would be if he comes back as a mentor,” one of the signatories of the letter, not wishing to be named, told DH.

The signatory further added that the institutional investors, who have given thumbs-up to Vishal Sikka’s tenure as MD and CEO at the IT major, said that they are looking at Nilekani as a most suitable option at this stage.

*N R Narayana Murthy postpones his conference call with investors citing ill health.
*DIIs write a letter to the Infosys Board seeking the return of Nandan Nilekani on the board
*Company's shares saw an upward movement following the fresh development.

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