DOCSLIB.ORG

Mr. Big Money' at Infosys: the Entry and Exit of Vishal Sikka

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Mr. Big Money' at Infosys: the Entry and Exit of Vishal Sikka Journal of Case Research Volume IX Issue 01 Mr. Big Money’ at Infosys: The Entry and Exit of Vishal Sikka Gaurav Kokardekar Yeshwantrao Chavan College of Engineering, Nagpur Email: gauravkokardekar4[at]gmail[dot]com Abstract In 2014, Infosys hired Vishal Sikka as the CEO and Managing Director when the profits of Infosys were narrowing. This case outlines the issues raised with regard to the compensation of its Chief Executive Officer (CEO), Vishal Sikka. The controversy started when N.R. Narayan Murthy, co-founder of Infosys, wrote an open letter to the Infosys Board criticizing the hike in Vishal Sikka‟s salary in 2015-16 along with other issues in the organization. The open letter garnered a lot of attention from the public and media. The constant conflicts between the Board and the founders eventually resulted in Vishal Sikka‟s exit as the CEO and MD of Infosys. The case may be used to discuss the complexity of assessing the relationship between CEO‟s performance and CEO compensation. Keywords: CEO Compensation, CEO performance, non-founder CEO, Role of Founder after the declining profits it had been Introduction seeing for some time and called back its “Vishal Sikka means „Big Money‟, „Lots retired founder N.R. Narayana Murthy to of Money‟” said Mr. N.R. Narayana Murthy, Co-founder, Infosys reinvent the company. However, even after (Chengappa, 2014) a year this did not seem to work. Infosys thus decided to bring in an outsider with In 2014, all Infosys wanted was fresh ideas to try something new. As a „Big Money‟ i.e. huge revenues result, Infosys recruited ex-SAP P a g e | 18 ‘Mr. Big Money’ at Infosys: The Entry and Exit of Vishal Sikka Journal of Case Research Volume IX Issue 01 Executive, Vishal Sikka, as the Chief he argued was done without any proper Executive Officer (CEO) and Managing justification. The company‟s ex-director, Director (MD). Vishal Sikka replaced the T.V. Mohandas Pai also backed Murthy then CEO and MD, S.D. Shibulal, who was stating that the “Salary is spectacular, while one of the seven founders of Infosys. the performance of the company isn‟t”. Vishal Sikka seemed to have the This raised many questions such as competence that Infosys needed at that time. worth of Sikka‟s service in 2014 and in 2017 With ambitious missions and goals aimed at and whether Sikka had been advantageous to reviving and developing the organization in Infosys or not. The issue became significant future, Sikka stepped in as the first outsider in the world of business as Infosys has been to hold the CEO position at Infosys with a a pioneer in the IT industry across the globe. huge salary. In 2014, Infosys Ltd, India‟s Company History second largest software services provider, Infosys was founded in 1981 by paid INR.45.8 Million as compensation to seven engineers- N. R. Narayana Murthy, Vishal Sikka. This was at par with the Nandan Nilekani, N. S. Raghavan, S. salaries of CEO‟s of other IT companies. Gopalakrishnan, S. D. Shibulal, K. Dinesh, The controversy started in 2016, and Ashok Arora in Pune, with an initial when Sikka‟s salary saw a sharp increase to capital of INR. 16,125 (approx 250$). From INR.487.6 Million annually. This was a a capital of INR.16, 125, in 1981, Infosys 964% hike. Mr. N R Narayan Murthy, Co- has grown to become an INR. 657,900 founder of Infosys slammed this hike which P a g e | 19 ‘Mr. Big Money’ at Infosys: The Entry and Exit of Vishal Sikka Journal of Case Research Volume IX Issue 01 million companies with a market Hiring an outsider as a CEO by Infosys capitalization of approximately INR. 2.34 in 2014 raised many eyebrows but the Trillion. circumstances need to be looked into in In its journey of over 35 years, Infosys detail for understanding the reason for this adapted major changes that have eventually bold step taken. led to India‟s emergence as the global Circumstances around the recruitment of Dr. Vishal Sikka destination for software services talent. Infosys became the first Indian IT company Infosys was in a dire need of a change. to be listed on NASDAQ. Infosys has had a Many ongoing problems demanded this large number of milestones in its journey change. First, when Mr. Narayan Murthy (see Exhibit 1). was called back, he brought with him some One of the defining changes in Infosys hopes as well as some baggage. Many was the recruitment of Vishal Sikka, a senior executives left the company, Ph.D. in computer science from Stanford including some prospective CEOs. Attrition University as the first non-founder CEO in of several senior executives hurt Infosys. June 2014. There were many reasons for Second, as a collective decision, the this decision, chief amongst them being the Infosys Board decided to end the then CEO narrowing profit margins since the previous S.D. Shibulal‟s term prematurely. Shibulal four years. Further, the attrition of almost a was due for superannuation on 9th January dozen senior executives since Mr. N.R. 2015. The company released a statement Naryana Murthy returned as the Chairman stating that Shibulal would want to retire as had left the stakeholders worried. CEO in April 2014. Moreover, investors P a g e | 20 ‘Mr. Big Money’ at Infosys: The Entry and Exit of Vishal Sikka Journal of Case Research Volume IX Issue 01 were complaining about Infosys‟ failure in 2015 and 2016 (see Exhibit 2). Sikka‟s moving up the value-chain because of its focus was on automating things through risk-averse management culture. It became Artificial Intelligence and Machine necessary to regain the trust and faith of Learning. Under Sikka, Infosys achieved investors. When Sikka was recruited as the many milestones. This reflected on the profit CEO of Infosys, investors welcomed the margins (see Exhibit 3). Infosys‟ net profit change. margin saw a rise of approximately three The employee turnover was at a record percentage points in 2015 over 2014. The high of 18.7 percent at the end of March increasing trend followed in 2016 net profit 2014. This was 2.4 percentage points higher margins rose 3.5 percentage points. Infosys than the earlier year. It became necessary to competitiveness with other similar IT giants address the problem of employee turnover to increased during this period. remain competitive with other IT giants. The The changes in share prices of fresh ideas of Vishal Sikka to tackle this Infosys during this period can be studied problem were another reason that led to his with respect to other IT companies (see recruitment. Exhibit 6). When Sikka arrived in 2014, Infosys was doing average. The returns were Changes in Infosys Introduced by the new CEO positive. During the initial quarters, on Sikka‟s arrival, the percentage change Vishal Sikka‟s arrival seems to have boosted up. However, after mid-2015, benefitted Infosys as the firm achieved many Infosys did not experience any such boost in milestones under his leadership between P a g e | 21 ‘Mr. Big Money’ at Infosys: The Entry and Exit of Vishal Sikka Journal of Case Research Volume IX Issue 01 the returns. Returns remained approximately was seen in the Bonus/Commissions section. in the same ranges later on. Other IT giants Compensation of other CEOs was such as TCS, Wipro, Mphasis, and HCL reasonable over the years. In case of Shiv Tech performed similarly as Infosys during Nadar (HCL Technologies), the basic salary these years. TCS proved to be the best in decreased with the decrease in company‟s terms of percentage rise at the end of 2016, performance. Also, Sikka‟s pay was revised while Infosys remained second. to Rs.710 Million effective from April 1, 2016 till March 31, 2021. Revised pay filing Total Compensation Package of Vishal also suggested that if Sikka failed to achieve Sikka vs. other IT Heads minimum performance targets, his The comparative compensation package remuneration would fall to INR.193.5 paid to Sikka and other IT Heads in 2014-15 Million, consisting of a base salary of and 2015-16 maybe studied (see Exhibit 4). INR.64.5 Million, and INR.129 Million of Some of the IT Heads were appointed before time-based Restricted Stock Units (RSUs). the arrival of Sikka and still drew a lesser salary in 2015-16. This was a threat to Performance of Infosys with respect to effective corporate governance by the other IT Companies Infosys Board. The performance of Infosys with respect Sikka‟s salary saw a huge rise in the year to other IT giants may be compared over the 2015-16 compared to his peers. The years 2014-15 and 2015-16. The Restricted Stock Units provided to Sikka performance of Tata Consultancy Services also increased over 2014-15. The main hike (TCS) and Wipro can be directly compared P a g e | 22 ‘Mr. Big Money’ at Infosys: The Entry and Exit of Vishal Sikka Journal of Case Research Volume IX Issue 01 with Infosys because of the similarity in and the effect of this was seen on Shiv size. The performance of Infosys with Nadar‟s (Chairman and Chief Strategy respect to other IT companies over the Officer, HCL Tech) salary. Shiv Nadar drew years 2014-16 can be studied on a number INR.166.4 Million in 2015 while in 2016, the of parameters such as net sales, percentage figures came down to INR.90.9 Million. change in net sales, net profit, and A widening difference between the percentage change in net profit of the CEO‟s pay and Median Remuneration of companies (see Exhibit 5).
Load more

Recommended publications
  • For the First Time in 80 Years!
    AHMEDABAD, BENGALURU, BHOPAL, BHUBANESWAR, CHANDIGARH, CHENNAI, HYDERABAD, KOCHI, KOLKATA, LUCKNOW, MUMBAI, NEW DELHI AND PUNE 20 February 2019 1 COMMERCIAL FEATURE Top View SPEAKERSPEAK For the first time in 80 years! HANS PAUL BURKNER Chairman, Boston Consulting Group “With Brand Dharma as the theme, I am convinced that this Congress will be a Namaste! I am really excited to be coming to Kochi for the wonderful platform for leaders to come and hold forth their grand vision for the IAA World Congress 2019 in February. The world has rapidly changed over the last few years driven by technology. And we future while leaving the august audience enchanted for three days.” will be coming together in Kochi to talk about what it means for marketers, brand custodians and the media industry. With the massive middle class and very diverse demographics, am delighted to announce has to follow to connect with its in their respective areas of India provides a fascinating opportunity for advertisers. that after 80 years, India, for customers and society at large. expertise will come to set the first time, will be hosting This Congress will be a unique forth their grand vision for the the prestigious International platform for leaders among future and leave the audience Advertising Association World marketers, brand custodians captivated over three days in JONAS KJELLBERG I Co-Founder of Skype MUKESH D AMBANI Congress with the theme Brand and the media to address the Kochi. Dharma. The theme Brand simple but profound question on I welcome all of you to be a Chairman, IAA World Congress I am super happy to be part of the IAA World Congress in Chairman & Managing Director, Dharma means to bring to life what’s coming next.
    [Show full text]
  • Travel Light Or You May Have to Cough up a Bomb for Every Extra Kg in Your
    millenniumpost.in RNI NO.: DELENG/2005/15351 REGD. NO.: DL(S)-01/3420/2018-20 millenniumPUBLISHED FROM DELHI & KOLKATA VOL.13, ISSUE 174 | Sunday, 24 June, 2018 | New Delhi | Pages 16 | Rs 3.00 post NO HALF TRUTHS CITY PAGE 3 NATION PAGE 4 FILM PAGE 16 PROTEST AGAINST TREE FELLING ‘CHILDREN OF WORLD MUST BE ‘GLAD I TOOK IN SAROJINI NAGAR TODAY TAUGHT ABOUT NON-VIOLENCE’ RISKS’ India summons Pak’s BELGIUM, MEXICO deputy HC over denial of access to pilgrims MPOST BUREAU VIRTUALLY THROUGH NEW DELHI: India on Sat- urday summoned Pakistan’s Deputy High Commissioner Red Devils thrash Tunisia 5-2; Mexico pip South Korea here and lodged a strong pro- test over the denial of access to its envoy in Islamabad and con- MOSCOW: Two goals each cal chance of making it on sular officials to visit Gurdwara for Romelu Lukaku and Eden through three points. Panja Sahib and meet visiting Hazard and one for Michy Belgium was much the Indian pilgrims. Batshuayi swept Belgium to better team from the off, It was conveyed to the Pak- a 5-2 victory over Tunisia looking dangerous on almost istan side that preventing the support to secessionist move- on Saturday that put them every attack, but they were Indian High Commission offi- ments in India and incite the in command of World Cup seriously aided and abetted cials from discharging their Indian pilgrims, and Pakistan Group G and underlined by some ragged defending consular responsibilities vio- authorities asked to ensure that their status as one of the tour- and non-existing marking lated the Vienna Convention no such activity is carried out nament favourites.
    [Show full text]
  • Volume 3 Issue Iv || May 2021 ||
    PIF – A++ ISSN 2581-6349 VOLUME 3 ISSUE IV || MAY 2021 || Email: [email protected] Website: www.jurisperitus.co.in 1 PIF – A++ ISSN 2581-6349 DISCLAIMER No part of this publication may be reproduced or copied in any form by any means without prior written permission of Editor-in-chief of Jurisperitus – The Law Journal. The Editorial Team of Jurisperitus holds the copyright to all articles contributed to this publication. The views expressed in this publication are purely personal opinions of the authors and do not reflect the views of the Editorial Team of Jurisperitus or Legal Education Awareness Foundation. Though all efforts are made to ensure the accuracy and correctness of the information published, Jurisperitus shall not be responsible for any errors caused due to oversight or otherwise. 2 PIF – A++ ISSN 2581-6349 EDITORIAL TEAM Editor-in-Chief ADV. SIDDHARTH DHAWAN Core-Team Member || Legal Education Awareness Foundation Phone Number + 91 9013078358 Email ID – [email protected] Additional Editor -in-Chief ADV. SOORAJ DEWAN Founder || Legal Education Awareness Foundation Phone Number + 91 9868629764 Email ID – [email protected] Editor MR. RAM AVTAR Senior General Manager || NEGD Ministry of Electronics and Information Technology Phone Number +91 9968285623 Email ID: [email protected] SMT. BHARTHI KUKKAL Principal || Kendriya Vidyalaya Sangathan, New Delhi Ministry of Human Resource and Development Phone Number + 91 9990822920 Email ID: [email protected] MS. NIKHITA Assistant Manager || Deloitte India Phone Number +91 9654440728 Email ID: [email protected] MR. TAPAS BHARDWAJ Member || Raindrops Foundation Phone + 91 9958313047 Email ID: [email protected] 3 PIF – A++ ISSN 2581-6349 ABOUT US Jurisperitus: The Law Journal is a non-annual journal incepted with an aim to provide a platform to the masses of our country and re-iterate the importance and multi-disciplinary approach of law.
    [Show full text]
  • Tamil Nadu 1
    000000000000000000000000000000000000000000000000000 000000000000000000000000000000000000000000000000000 ENGLISH 00000000000000000000000TM0000000000000000000000000000 0000000000000000000000000JANUARY000000 - 0JULY00 020190000000000000000 000000000The0 Best0 IAS0 Academy000 In South00 India0 SINCE00 200400000Compilation000000 0for0 Group0000 IV0 0000000000000 Examination 000000000000000000000000000000000000000000000000000 000000000000000000000000000000000000000000000000000 000000000000000000000000000000000000000000000000000 000000000000TNPSC000000000000000000000000000000000000000 000000000000000000000000000000000000000000000000000 000000000000000000000000000000000000000000000000000 00000000000000ZERO0000000000000000000000000000000000000 000000000000000000000000000000000000000000000000000 000000000000000000000000000000000000000000000000000 00000000CURRENT0000000000000000000000000000000000000000000 000000000000000000000000000000000000000000000000000 000000000000000000000000000000000000000000000000000 0000000000AFFAIRS00000000000000000000000000000000000000000 000000000000000000000000000000000000000000000000000 000000000000000000000000000000000000000000000000000 000000000PRELIMS000000000000000000000000000000000000000000 000000000000000000000000000000000000000000000000000 000000000000000000000000000000000000000000000000000 0000000000000%000000000 100%000000000000000000000000000000 00000000000 0Effort0000000000Results00000000000000000000000000000 000000000000000000000000000000000000000000000000000 000000000000000000000000000000000000000000000000000
    [Show full text]
  • Payments Infrastructure and the Performance of Public Programs: Evidence from Biometric Smartcards in India
    NBER WORKING PAPER SERIES PAYMENTS INFRASTRUCTURE AND THE PERFORMANCE OF PUBLIC PROGRAMS: EVIDENCE FROM BIOMETRIC SMARTCARDS IN INDIA Karthik Muralidharan Paul Niehaus Sandip Sukhtankar Working Paper 19999 http://www.nber.org/papers/w19999 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 March 2014 We thank Abhijit Banerjee, Gordon Dahl, Rema Hanna, Gordon Hanson, Anh Tran, and several seminar participants for comments and suggestions. We are grateful to officials of the Government of Andhra Pradesh, including Reddy Subrahmanyam, Koppula Raju, Shamsher Singh Rawat, Raghunandan Rao, G Vijaya Laxmi, AVV Prasad, Kuberan Selvaraj, Sanju, Kalyan Rao, and Madhavi Rani; as well as Gulzar Natarajan for their continuous support of the Andhra Pradesh Smartcard Study. We are also grateful to officials of the Unique Identification Authority of India (UIDAI), including Nandan Nilekani, Ram Sevak Sharma, and R Srikar for their support. We thank Tata Consultancy Services (TCS) and Ravi Marri, Ramanna, and Shubra Dixit for their help in providing us with administrative data. This paper would not have been possible without the outstanding efforts and inputs of the J-PAL/IPA project team, including Vipin Awatramani, Kshitij Batra, Prathap Kasina, Piali Mukhopadhyay, Raghu Kishore Nekanti, Matt Pecenco, Surili Sheth, and Pratibha Shrestha. We are deeply grateful to the Omidyar Network – especially Jayant Sinha, CV Madhukar, Surya Mantha, Ashu Sikri, and Dhawal Kothari – for the financial support and long-term commitment that made this study possible. We also thank IPA, Yale University, and the Bill and Melinda Gates Foundation for additional financial support through the Global Financial Inclusion Initiative. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.
    [Show full text]
  • KV Kamath Appointed New Chairman of Infosys, Shibulal New CEO
    ADVERTISEMENT News Stock Quote News By Company Type Company Name Home News Markets IPO Personal Finance Tech Jobs Opinion Features Environment Blogs ET NOW News By Industry News By Company Economy Politics/Nation International Business SMB NRI Corporate Trends Corporate Announcement Earnings You are here: Home > Collections Ads by Google KV Kamath appointed new chairman Moore Executive Education of Infosys, Shibulal new CEO 0 8 StumbleUpon Solutions for business leaders Darla Apr 30, 2011, 06.03pm IST Submit Recommend Moore School of Business Tags: SD Shibulal | Narayana Murthy | KV Kamath moore.sc.edu/execed BANGALORE: In a major top-level management restructuring, India's second largest software firm Infosys today named Transform Your Leadership veteran banker K V Kamath as the new chairman to succeed founder N R Narayana Murthy, who retires in Increase the ROI on leadership August. development for your company www.performex.com The over $6 billion Infosys Technologies has also appointed current CEO S Gopalakrishnan as the Executive co- Chairman and promoted COO S D Shibulal as CEO and MD. (K V Kamath, appointed new chairman of Infosys) Ads by Google SmarterTrack - Help Desk Flash Email, Tickets, Live Chat, Calls, KB, Portal and Reporting! www.smartertrack.com Start a Mentoring Program Proven mentoring solution to run your successful mentoring program www.Chronus.com RELATED ARTICLES Who will succeed Narayana Murthy? KV Murthy, who turns 65 in August, would become Chairman Emeritus. Kamath, S... April 28, 2011 These appointments, effective August 21, 2011 were approved at the company's board meeting held here today. IT industry's challenge is to rearrange, reorient its..
    [Show full text]
  • An Exploration of the Institutions, Characteristics and Drivers of Elite Philanthropy in India
    Swinburne University of Technology Faculty of Business & Law DRAFT An exploration of the institutions, characteristics and drivers of elite philanthropy in India John Godfrey BA, MSc, Grad. Dip Arts Admin Student ID 1700367 Submitted in fulfilment of the requirements for the degree of Doctor of Philosophy. Swinburne University of Technology, Faculty of Business & Law. Year of approval for award 2020. Abstract This thesis fills a gap in the empirical study of elite philanthropy which to date has been confined to mostly Western philanthropy, informed by Christian and Jewish norms and traditions. This research explores a tradition and practice of philanthropy which has its early roots in dharmic and Islamic tradition yet, as is shown, has been influenced by Western rules and norms. Twenty-eight philanthropists were interviewed. The two religions these respondents most identified with were Hindu or Parsi, though some identified as Jain, Muslim, Christian or Buddhist. The research applies a theoretical framework described as a moral citizenship. This framework brings together two theoretical models developed by Schervish - identification theory and moral biography (Schervish et al. 1998; Schervish and Havens 1997; Schervish and Havens 2001b, 2002; Schervish and Herman 1988; Schervish et al. 2001). These models, they argue, provide the most fruitful way to identify the social and psychological frameworks that mobilise the agency of philanthropists. The methodology used to apply this theoretical framework used long interviews in which respondents were given free rein to talk about their philanthropic activity in their own terms. This methodology follows in the steps of others such as Breeze and Lloyd (2013), Lloyd (2004), Odendahl (1990), Ostrower (1995), Panas (1984, 2019 [1984]), Scaife et al.
    [Show full text]
  • March Monthly Magazine Engli
    IMPORTANT DAYS IN FEBRUARY February 02 World Wetlands Day February 04 World Cancer Day Interim Budget - 2019 2 February 10 National De-worming Day National News 5 February 12 National Productivity Day International News 12 500+ G.K. One Liner Questions 18 February 13 World Radio Day Awards 38 February 14 Valentine Day New Appointments 42 February 20 World Day of Social Justice Sports 47 February 28 National Science Day Banking & Financial Awareness 52 IMPORTANT DAYS IN MARCH Defence & Technology 55 Study Notes 58 March 01 World Civil Defence Day Tricky Questions 69 March 03 World Wildlife Day SSC CGL (Tier-I) Practice Test Paper 80 March 04 National Security Day RRB JE (PRE) Practice Test Paper 92 March 08 International Womens Day SSC GD (Tier-I) Practice Test Paper 102 March 13 No Smoking Day IMPORTANT RATES March 22 World Day for Water March 24 World TB Day (03-02-2019) March 27 World Theatre Day Repo Rate 6.50% Reverse Repo Rate 6.25% Marginal Standing Facility Rate 6.75% Statutory Liquidity Ratio 19.25% Cash Reserve Ratio 4% Bank Rate 6.75% RRB (JE) : 11th & 14th February 19 SSC CGL: 11th& 21th February 19 For Admission Contact : IBT Nearest Center or Call Toll Free www.makemyexam.in & www.ibtindia.com performance through the mock tests taken by the Institute every week and the online mock tests provided by the Institute. Thus they will get to know about their strong and weak areas which act as a key strength while taking the examination. IBT: What according to you is the best strategy while taking any competitive exam? Rahul: Sir, for any examination, selection of proper Name: Rahul Bhatia questions is very important.
    [Show full text]
  • Venture Capital Focus
    Private Investing in India – Venture Capital Focus State of Sector Report November 2019 Contents Foreword .................................................................................................................................... 4 Executive Summary .................................................................................................................. 6 Indian Macroeconomic Environment .................................................................................... 10 Indian Macroeconomic Environment ................................................................................... 11 Indian Economy’s March towards USD 5 Trillion GDP ................................................ 11 Private Investing in India ........................................................................................................ 14 Private Investments in India ................................................................................................ 15 India’s share of global private investing is ~3% and Asian private investing is ~15%. 15 India’s affair with the private capital transalting into a solid commitment ..................... 19 Private Equity in India ............................................................................................................. 21 Private Equity in India ................................................................................................... 22 Total PE Investment in India......................................................................................... 22 Average
    [Show full text]
  • List of Committees 2019]
    [LIST OF COMMITTEES 2019] LIST OF COMMITTEES 2019 Purpose Constituted by Chairperson Tapan Ray Committee to review the Reserve Bank of India Tapan Ray regulatory guidelines and supervisory framework of Core Investment Companies (CIC) Committee to review the existing state of Reserve Bank of India Harsh Vardhan mortgage securitisation in India and Development of Housing Finance Securitisation Market. Monetary Policy Committee (MPC) to Central Government Shaktikanta Das accelerate the GDP growth of the country. High-level Committee to strengthen the Reserve Bank of India Nandan Nilekani safety and security of digital payments in the country. High level and Bezbaruah committee to Central Government M.P. Bezbaruah review the implementation of clause 6 of the Assam Accord Expert committee to look into the various Reserve Bank of India UK Sinha challenges being faced by MSMEs National Implementation Committee (NIC) to Prime Minister Narendra Modi Rajnath Singh commemorate the 550th birth anniversary of Guru Nanak at national as well as international level. Rajiv Kumar committee to look at selling as Union Government Rajiv Kumar many as 149 small and marginal oil and gas fields of state-owned Oil and Natural Gas Corp (ONGC) and Oil India Ltd (OIL) to private and foreign companies to boost domestic output. Injeti Srinivas High-Level Committee to Union Ministry of Corporate Injeti Srinivas review the existing framework and guide, Affairs (MCA) and formulate a roadmap for a coherent policy on Corporate Social Responsibility (CSR). Injeti Srinivas Competition Law Review Union Finance Ministry Injeti Srinivas Committee to strengthen and re-calibrate existing law to promote best practices Ethics Committee of Lok Sabha which Lok Sabha Speaker Lal Kishan Advani examines complaints related to any unethical conduct by members of Lower House of Parliament.
    [Show full text]
  • Infosys Annual Report 2015-16
    BEING INFOSYS. BEING MORE. ANNUAL REPORT 2015-16 BEING INFOSYS. BEING MORE. We inhabit a universe where time and space bend and stretch continuously. For us, the year in which we celebrated the 100th anniversary of the Theory of General Relativity itself appeared to warp, and passed by much too quickly. It was a year during which we focused on our strategy execution, and we saw four quarters of healthy growth. Beyond the financial results, we saw unprecedented achievements by our teams in every aspect of the business. It was a year in which everyone brought home the vision of Renew and New built on a solid foundation of innovation, learning and purpose. In this environment, it is easy to focus on the big picture, and miss seeing the multi-dimensional manner in which true transformation takes hold. In order to return to market leadership in a sustained manner, we need to re-imagine our business in every facet and every detail. From delivery, to sales, consulting, operations, and each and every business enabling function – from people, to processes, infrastructure and systems – we have to bring about change that addresses the new reality of a pervasively digital and inter-connected world. This issue of our annual report celebrates the multiple facets of our transformation. The theme is about transcendence from the ordinary. It is about how innovation and continuous improvement have permeated every corner of our business, and about how we are honing excellence to a fine art form. At Infosys, it is no longer adequate to simply meet expectations – we have to exceed it every time, and in every way.
    [Show full text]
  • On “Corporate Social Responsibility of Today's Socio Economic Changes In
    Minor Research Project On “Corporate Social responsibility of today’s Socio Economic changes in Bangalore- Silicon city of India- A Sociological Perspective” Submitted By: Sharadambi. G Principal Investigator Assistant Professor of Sociology Smt. VHD Central Institute of Home Science Bangalore Submitted to: The Deputy Secretary University Grants Commission Regional Office, South Zone, Palace Road Bangalore-560009 Karnataka April 2018 1 DECLARATION I hereby declare that this final report of Minor Research Project entitled “Corporate Social responsibility of today’s Socio Economic changes in Bangalore- Silicon city of India- A Sociological Perspective” submitted by me to the University Grants Commission, Regional Office, Palace Road, Bengaluru for receiving that grants, is based on the original work carried out by me as a Principal Investigator and Assistant Professor of Sociology, Smt. VHD Central Institute of Home Science, Sheshadri Road Bangalore. I Further declare that this Minor Research Project is not submitted either in part or in full to any university or Institution. I 2 ACKNOWLEDGEMENT The completion of this minor Research project carried out makes me to recall with gratitude, several persons who have extended their kind co-operation and help in one way or the other in this venture. Firstly, I extend my heartfelt thanks to the University Grants Commission, New Delhi and its South Zone Regional Office Bengaluru for providing an excellent opportunity for carrying out the Minor Research project by way of sanctioning the required grants, support, cooperation and timely help to me. I extend my sincere thanks to the Smt. VHD Central Institute of Home Science college for helping me to seek the necessary grants from the UGC, New Delhi and its South Zone Regional Office, Bengaluru for completing this work in a successful manner.
    [Show full text]