Market valuation of six of top 10 valued domestic firms erode by Rs 1.71 lakh crore
Last week, the combined market valuation of six of the top 10 valued domestic firms eroded by Rs 1.71 lakh crore.
Former Infosys Chief Financial Officer V Balakrishnan on Saturday sought the discontinuance of certain board members in light of the company filing a settlement plea with SEBI on corporate governance lapses relating to severance payment to its former CFO Rajiv Bansal.
“I think the continuation of certain board members like the erstwhile co-chairman (Ravi Venkatesan) and the audit committee chairman (Roopa Kudva) looks highly untenable in light of the current development of the company filing consent agreement with SEBI over Bansal’s severance payment case,” Balakrishnan told PTI here.
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In view of the current development it is all the more important to restructure the board and fill it with people of high integrity and stature, he added.
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The scathing communication to the stock exchanges blaming Infosys Co-Founder N R Narayana Murthy for all of the board’s lapses was ‘unprecedented,’ Balakrishnan, who is known supporter of Murthy, said.
He also said all along, the board had consistently denied any wrong-doing and in fact blamed Murthy terming his questioning as a “misguided campaign.”
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