Infy Shareholders Okay Nandan Nilekani's Appointment as Chairman | CORPORATE ETHOS

Infy Shareholders Okay Nandan Nilekani’s Appointment as Chairman

By: | October 10, 2017

Oct 10: Nandan Nilekani’s appointment as Chairman of Infosys Technologies has received the nod from the shareholders. The shareholders have also okayed UB Pravin Rao’s appointment as Managing Director of the technology major.

The postal ballot which okayed these important appointments also approved a special resolution for the Rs 13,000 crore buyback offer. As much as 98 per cent of the shareholders voted in favour of the resolution, Infosys has informed in a regulatory filing.

Reports added that 100 per cent voting was recorded in favour of the proposal to appoint Nandan Nilekani as non-executive, non-independent director and the Chairman of the Board by the promoter group and institutional investors. They added that about 99 per cent of retail investors voted in favour of the appointment.

Nilekani, one of the seven co-founders of Infosys Technologies, will not be drawing any remuneration for his current post, it is learnt.

Meanwhile, the resolution to appoint U B Pravin Rao as the Managing Director of the company, garnered 100 per cent voting in favour by promoter group and institutional investors. Reports added that 99 per cent of retail investors also stood by the proposal.  Further, the ballot also passed the appointment of D Sundaram as an independent director on the board with 100 per cent voting in favour.

As per figures of June 2017, the Infosys promoter group holds 12.75 per cent pie in the Bangalore based technology giant. Meanwhile, 86.76 percent stake is with the public.