Narayana Murthy vs Infosys: 'Statements made by Infosys board below my dignity'

NR Narayana Murthy has responded to the statement made by Infosys accusing the co-founder and chairman emeritus of damaging the company. 

Murthy said, "Anguished by allegations, tone and tenor of statements made by Infosys board, below my dignity to respond to baseless insinuations."

He further said that he will answer to all allegations in right manner and at right forum at appropriate time.  

Murthy said, "Concern primarily was deteriorating  standard of corp governance. Holders said hard to believe lawyers hired by accused giving clean chit."

He said, "I voluntarily left the Board in 2014; not  seeking any money, position for children." 

In a statement to the stock exchanges, Infosys said, "The Board declines to speculate about Murthy’s motive for carrying out this campaign, including the latest letter. The Board believes it must set the record straight on the false and misleading charges made by Murthy because his actions and demands are damaging the Company and misrepresent its commitment to good corporate governance."

Infosys said that Murthy's continuous assault, including this latest letter, is the primary reason that the CEO, Vishal Sikka, has resigned despite strong Board support.

Sikka while resigning reiterated his belief in the great potential of Infosys, but cited among his reasons for leaving a continuous stream of distractions and disruptions over the recent months and quarters, increasingly personal and negative as of late, as preventing management's ability to accelerate the company's transformation. 

In a press conference held on Friday, Sikka said, "Extremely lucky to have unequivocal & emphatic support from board. Continuous allegations on same issues  took heavy toll on org & me personally."

Sikka was appointed as the CEO & MD of Infosys on June 12, 2014, taking over the then CEO & MD S.D Shibulal from August 01, 2014. 

Infosys on Friday has touched a 52-week low of Rs 884.40 per piece. At 1440 hours, the share price was trading at Rs 918.70 per piece down by over Rs 101 or 9.93%. 

ALSO READ: 

• Vishal Sikka's three year stint at Infosys comes to an end; A snapshot of company's performance in this time
• Infosys hits back at Narayana Murthy; says he is damaging the company
• Narayana Murthy gets his way; Vishal Sikka resigns from Infosys
• Vishal Sikka resigns from Infosys: Full text of his letter to the Board