DH Exclusive: Infosys retains Dy CFO amid speculations

Jayesh Sanghrajka. (DH Photo)

The Bengaluru-based IT major Infosys has gone about retaining its deputy CFO Jayesh Sanghrajka, amid speculations over his exit from the company.

Sanghrajka had resigned from the company in the build-up to leaking of the whistleblowers' letter alleging impropriety in financial statements by the company's CEO Salil Parekh along with CFO Nilanjan Roy. The timing of resignation by Sanghrajka had led to a lot of speculations in the market, with some brokerage houses even questioning the timing of exit.



 

"Very serious news indeed. This equates to a corporate governance issue. Deputy CFO has also quit. This in itself is an indirect admission that something is rotten," Harit Shah, Research Analyst, Reliance Securities had said after DH published the letter.

Many analysts see this development as a bid to calm down the nerves of the investors.

As part of the retention package, Sanghrajka has been given some key portfolios in the company, wherein he will report directly to the CEO Parekh. One of the portfolios that he has been handed over has been the company's crucial mergers and acquisitions (M&A) portfolio.

"For the finance function, he will be still reporting to Roy. But for his added responsibilities, he will be reporting to Salil," a source confirmed to DH.

Yet another source told that the Deputy CFO has been given a handsome hike in pay package, the quantum of which is unknown.

DH has also learnt that the company has also circulated an internal mail in this regard, informing employees about his retention. When contacted, the company spokesperson declined to comment on the issue.

When the company's former CFO MD Ranganath had quit last year, Sanghrajka was among the frontrunners for the post and made interim CFO till the appointment of Roy.

The company has been in controversy in the recent past as the couple of whistleblowers' letter, which was leaked to select media houses, alleged financial impropriety, racism and misogyny by Parekh.

The company's stocks were trading at Rs 727.50 apiece, up 1.89%.

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