14:37 Infosys press conference: Ravi Venkatesan, Co-Chairman Infosys: The Board is committed to the strategic direction set by Vishal Sikka.
14:35 Was difficult to deal with continuous noise and allegations: Sikka : Infosys press conference begins following the resignation of CEO and MD Vishal Sikka.
Vishal Sikka, the first non-founder CEO of Infosys, has resigned amid heightened acrimony between the board and the high-profile founders led by NR Narayana Murthy, saying he faced “false, baseless, malicious and increasingly personal attacks”. Pravin Rao, currently chief operating officer, will become interim CEO, India’s second largest software services exporter said in a statement.
At the press conference, R Venkatesan, Co-Chairman, Infosys, says from Bengaluru, “With incredible sadness have accepted the resignation of Vishal Sikka. We fully understand his reasons. No doubt that Vishal Sikka is a phenomenal guy, the world knows it. He has blossomed as a leader.
Vishal is an industry leader. He will stay on for 90 days to help the Board with a smooth change. CEO Rao will report to Sikka. There is no change in strategy.
Vishal Sikka joins the press conference from California. He says he started three years ago on this journey. Insfosys is more than a company. It is an institution.
“I started more than three years ago on this journey, I am proud of the results we achieved. In many ways it is a sad day, but in many ways it might help things. It is in the company’s interest that with this kind of change the company can make a fresh beginning. I signed up for disruption. I will ensure continuty.
I am proud of the results achieved. We Will focus on strategy and key client relationships. We will take it from there. I have no plans about what I am going to do next. I’m here till March 31 or sooner if manange to get a replacement.
What was difficult to deal with was continuous allegations & continuous noise around the same thing. At a point you realize it’s taking a heavy toll on the organisation and personally so I felt it’s an untenable situation.
We came to conclusion that I will stay on as executive vice chairman, help in transition and Pravin Rao will be interim CEO.”
The Kerala Angamali magisterial court on Tuesday extended the judicial custody of actor Dileep till August 22.On July 14, Dileep was produced before the Angamaly Judicial First Class Magistrate Court where his police custody was extended.
Dileep on July 11 was expelled from the primary membership of Association of Malayalam Movie Artists (AMMA) after being arrested. He was also sent to 14-day judicial custody.
Dileep was slapped with conspiracy charges owing to the abduction and assault of a popular Malayalam actress earlier in February. Later that day, he was arrested.
Earlier, the two main accused in the case, Sunil Kumar and Vigeesh, were brought to Coimbatore, Tamil Nadu for evidence collection.The incident reportedly took place when the actress was returning from a shoot.
13:58 IndiGo: Eight planes grounded : IndiGo statement on the cancellation of flights: “There is misleading information being spread by a section of the media on IndiGo’s flight cancellations. Eight Neos grounded, schedule already planned in the month of June on non-availability of these aircraft for July, August and September. No new flight cancellations have been made. The affected passengers have already been accommodated with suitable options.”
PTI: InterGlobe Aviation-run budget carrier IndiGo today cancelled over 80 flights as the airline grounded more Airbus A320 Neo (new engine option) planes due to engine issues. A total of 667 flights were cancelled by IndiGo between June 21 and July 3 this year, with 61 flights cancelled on June 27 alone, due to the grounding of these planes.
IndiGo president and whole-time director Aditya Ghosh had during the post-Q1 earnings call on July 31 said that “regrettably, there have been days when we have had to ground as many as nine A320 Neo (planes) due to lack of spare engines. While we do receive certain compensation from Pratt & Whitney for these groundings, the operational disruptions are quite challenging and we are not happy with that situation.”
The sources also said that of the 667 flights cancelled by IndiGo in 13 days, a total of 504 flights were cancelled between June 21 and June 30, while the remaining 163 were cancelled on the first three days of July.
13:20 IndiGo cancels 84 flights, grounds 13 planes over engine problems: Just in: Pratt & Whitney engine issues force IndiGo to cancel 84 flights and ground 13 A320 Neo planes.
The DGCA had taken up the issue of constant troubles with Pratt & Whitney engines. IndiGo and GoAir have PW-powered NEOs in their fleets. The unending snags with the engines often keep a significant number of these planes grounded. The meeting was called after seven NEOs of IndiGo and two of GoAir were grounded due to a snag in the engine at the same time. Pratt informed the regulator that it has this particular snag “to some extent”. Since the snags require replacement of engines, which PW is unable to supply on time, airlines like IndiGo and GoAir suffer prolonged grounding of planes.
13:09 Fatwa issued on Facebook against Tripura CM Manik Sarkar: In other news, the Tripura police on Friday launched a probe over a fatwa issued against Chief Minister Manik Sarkar on Facebook, the authorities said.
“After noticing the fatwa post on Thursday, an inquiry has been initiated following the registering of a criminal case at the West Agartala police station,” West Tripura district police chief Abhijit Saptarshi told IANS.
He said: “Police registered the criminal case suo-motu under the relevant provisions of Indian Penal Code and Information Technology act. We would seek the help of cyber-crime experts to track the person.’Saptarshi said the post has now been deleted.
“We would definitely be able to track down the account holder, but it would take some time. Earlier, a fake Facebook page was found on the name of the Chief Minister and the police traced the source to Indore,’ he said. The fatwa said a cash reward of Rs 5.5 lakh would be given to anyone for being able to “chop off the head of Chief Minister Manik Sarkar’.
The fatwa said a cash reward of Rs 5.5 lakh would be given to anyone for being able to “chop off the head of Chief Minister Manik Sarkar’.
Using the name Ria Roy along with a girl’s photograph, the account holder introduced itself as an activist of the World Anti-Communist Council. However, there were no personal details in the profile section.
12:56 The New Yorker slays it with this cover in the aftermath of the Charlottesville race riots.
12:45 Narayana Murthy’s continuous assault led to Sikka’s resignation: Infosys: NR Narayana Murthy’s continuous assault, including the latest letter, is the primary reason why Vishal Sikka resigned. The Infosys board currently has no intention of asking Narayana Murthy to play a formal role in the company’s governance, Infosys said today, reports PTI.
Infosys Co-chairman Ravi Venkatesan said he was “highly distressed at continuing allegations against Vishal Sikka and board members.”
Vishal Sikka, the first non- founder CEO of Infosys, resigned amid heightened acrimony between the board and the high-profile founders led by NR Narayana Murthy, saying he faced “false, baseless, malicious and increasingly personal attacks”.
The company in a press release today said: “The Board understands and acknowledges Dr. Sikka’s reasons for resignation, and regrets his decision. In particular, the Board is profoundly distressed by the unfounded personal attacks on the members of our management team that were made in the anonymous letters and have surfaced in recent months. As the Board has previously stated, a series of careful investigations found no merit to the unsubstantiated and anonymous allegations that had been asserted. The Board denounces the critics who have amplified and sought to further promote demonstrably false allegations which have harmed employee morale and contributed to the loss of the Company’s valued CEO.” Full statement here.
Murthy and others had questioned the high compensation paid to Sikka as also severance package to certain former executives. Also, an anonymous letter was sent to the Securities and Exchange Board of India and the US Securities and Exchange Commission earlier this year, alleging that the Israel-based Panaya acquisition was overvalued and that some Infosys executives may have benefited from the deal.
While an independent probe absolved the board of any wrong doing, Murthy kept the pressure on making the full contents of the investigation report public.
Pravin Rao, currently chief operating officer, will become interim CEO, India’s second largest software services exporter said in a statement.
12:31 Boss attempts to molest woman, employer sacks woman: A 33-year-old woman, a staff member of a five-star hotel, was allegedly molested by its security manager in Delhi’s Aerocity hotel.
The incident occurred on July 29 on the victim’s birthday when accused Pawan Dahiya assaulted her by calling her in a hotel room. In the CCTV footage, the security manager is seen trying to pull her sari. The shocking footage was shared by the victim, who has since been sacked, along with her assaulter Dahia, the hotel’s security manager.
The woman’s superior appeared to do nothing to stop the executive and is seen leaving the room.
The security manager allegedly also tried to pull her into his car twice.
The footage also captured another hotel staff member, who later left the room.
The victim, who had been working in the guest section of the hotel for two years, has also alleged that Pawan was forcing her for a physical relationship.
11:47 Emmanuel’s only fault is to be younger than me: Brigitte Macron: Brigitte Macron has opened up about her relationship with the French President as she revealed that after months living in the Elyse Palace, she “doesn’t feel like a First Lady’.
The 64-year-old came under the spotlight when the details of her romance with Emmanuel Macron, France’s youngest leader since Napoleon, emerged during the presidential campaign. In her first interview since the election, she speaks about her love story with the 39-year-old which started more than 20 years ago, explaining that “Emmanuel’s only fault is to be younger than me”.
Read the full interview here.
11:40 EC sheds light on ‘creeping new normal of political morality’: The Election Commission has stated that winning the elections at all cost, without ethics, is a new normal in politics.
“Democracy thrives when elections are free, fair and transparent. However, it appears to a cynical common man. We have been scripting narrative that places maximum premium on winning at all costs to the exclusion of ethical considerations. Winning the elections at all cost, without ethics, is new normal in politics,” Election Commissioner Om Prakash Rawat said, while addressing the press conference.
He also stated that it is this creeping new normal of political morality that should be a target for the exemplary action by all the political parties, politicians, media and civil society organisations, and constitutional authorities.
“In this narrative, the poaching of legislators is extolled as smart political management strategic introduction of money for allurement, tough-minded use of state machinery for intimidation – all commended as resourcefulness. It is this creeping new normal of political morality that should be a target for the exemplary action by all the political parties, politicians, media and civil society organisations, constitutional authorities and all those having faith in developing quality for a better election,” he said.
The elections watchdog’s comments have come in the wake of the recent report by the Association for Democratic Reforms (ADR), according to which, the corporate houses donated a total of Rs. 956.77 crore to national parties between 2012-13 and 2015-16, making up 89 per cent of the total contribution from the known sources.
The BJP received the most corporate donations at more than Rs. 705 crore.At least five political parties considered for the report were the BJP, Congress, the Nationalist Congress Party (NCP), the Communist Party of India (CPI) and the Communist Party of India (Marxist) (CPM).
“Between 2012-13 and 2015-16, five national parties received a total of Rs. 1,070.68 crore via voluntary contributions above Rs. 20,000 out of which 89 per cent of Rs. 956.77 crore was from corporates/business houses,” the ADR report said.
Every year, the national political parties are required to submit the details of donors who made donations of more than Rs. 20,000 in a financial year to the Election Commission.
11:26 Infosys statement on Vishal Sikka’s resignation: At its board meeting held on August 18, 2017, the Board of Directors of Infosys Limited accepted the notice of resignation of Dr Vishal Sikka as the Managing Director and CEO, effective immediately.
In his notice of resignation to the Board, Dr. Sikka 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.
Read the full statement from Infosys here.
The mail Vishal Sikka sent the Infosys Board of Directors.
10:51 Ramesh Srivats @rameshsrivats Finally Narayan Murthy can stop singing – Vishal overcome. Vishal overcome. Vishal overcome someday.
10:49 @IndiaHistorypic 1980s: Narayan Murthy With His Infosys Core Team.
Yesterday, a Delhi High court struck down a June 10, 2016 circular of aviation regulator Director General of Civil Aviation that capped charges for excess checked in-baggage at Rs 100 per kg for 15 to 20 kg on private flights. Airlines can now charge up to Rs 350 per kilo of excess baggage.
“…The board of directors of Infosys Limited has at its meeting today accepted the resignation of Dr Vishal Sikka as the Managing Director and Chief Executive Officer of the company with immediate effect,” the IT firm said in a BSE filing.
Following the announcement, the stock fell to Rs 958.00, registering a fall of 6.62 per cent over its previous closing price on the BSE. Similar movement was seen on the NSE as well where the stock opened at Rs 1,017.90, fell to Rs 952.30, down 6.71 per cent over its previous close.
Sikka has been appointed as the Executive Vice-Chairman, Infosys said. Infosys COO U B Pravin Rao has been named as the Interim-MD and CEO of the firm.
“The succession plan for appointment of a new Managing Director and Chief Executive Officer has been operationalised by the board and a search for the same has been commenced,” Infosys added.
10:17 Full text of Vishal Sikka’s resignation letter: Infosys MD and CEO Vishal Sikka resigned today. UB Pravin has been appointed interim CEO till the Infosys Board finds a replacement. This is the full text of Sikka’s resignation letter.
“Over the last few days, since our earlier call, I’ve met Sesh several times, talked to you individually at length, and spent time thinking things thru with Vandana. During this time, one of our employees, Sandeep Karamongikar, died in his sleep, likely of a massive heart attack. He was working on the chatbot frontend in Nia. Also over the weekend, in possibly the greatest demonstration of AI capability ever, a bot built by the researchers at OpenAI (yes, that OpenAI), defeated the world’s best players of DOTA2, a multiplayer online video game, a game where the bot learned to play entirely from scratch. Further demonstrating that the force to automate routine, even advanced, activities is an unstoppable and exponential one. And the Charlottesville incident here in the US demonstrated once again the power of words and silences to cause real damage, or to heal.
“After much reflection, I have concluded that it is indeed time for me to leave my current positions as MD and CEO, and I have communicated my resignation to Sesh. I will be working closely with Sesh, Ravi, Pravin, with all of you, and the senior management team to plan out the details and the timelines to ensure a smooth transition and in the meantime, continue our work without disruption, and ensuring that we protect our company, the employees, the clients, and the interests of every shareholder. You can count on my commitment to this.
“I came here to help navigate the company through what I saw as a massive transformation opportunity, to transform our company and restore strong profitable growth, as well as help transform the business of our customers. I came to do this with the power of technology, given my experiences with similar transformations, my background in AI, and the structural changes that I saw happening in the IT services industry. This needed new skills, new thinking, new initiatives, and a transformation in the culture, from a cost-oriented value delivery, to entrepreneurship oriented value delivery. You have heard me articulate this many times before.
“This type of a transformation has always been a passion for me, indeed I took this job for this reason. We have achieved much in the last 3+ years, and for sure we can all be proud of the powerful seeds of transformation that have already been sowed. No one anticipated the additional headwinds like the geo-political disruptions (Brexit, Trump, visa etc.) that made this transformation even more challenging, but also rewarding. But, the distractions that we have seen, the constant drumbeat of the same issues over and over again, while ignoring and undermining the good work that has been done, take the excitement and passion out of this amazing journey. Over the last many months and quarters, we have all been besieged by false, baseless, malicious and increasingly personal attacks. Allegations that have been repeatedly proven false and baseless by multiple, independent investigations. But despite this, the attacks continue, and worse still, amplified by the very people from whom we all expected the most steadfast support in this great transformation. This continuous drumbeat of distractions and negativity over the last several months/quarters, inhibits our ability to make positive change and stay focused on value creation. Addressing the noise by itself is damaging; hundreds of hours of my own time has gone into this recently. But the structural challenges this engenders within the organization, has a very damaging effect on our ability to carry out any kind of a transformation, especially one that is as fundamental as transforming from a cost-oriented to an innovation oriented value delivery to clients.
Therefore, I have come to this moment and the end of this journey. I hope that it gives everyone a chance to reflect, and give the transformation effort another big push and move the company forward rapidly to build its future, to build upon the foundation that we have laid over these past 3 years. If these types of attacks continue, I hope each of you will continue to be the voice of fairness and reason — providing the active, emphatic and unequivocal support that the company, the management, the employees, and all of the stakeholders and friends of the company need in order to succeed. Since the board deeply believes in the cause we have started, I will be happy to support all of you to achieve a smooth transition, and serve as your Executive Vice Chair as discussed.
I would like to thank each one of you, my dear colleagues, my friends and mentors, and look forward to working with you to close this chapter and open a great new one for all of us.
Best, V
10:11 Vishal Sikka’s mail to Infosys employees on his resignation:
“Earlier today I resigned my position as MD & CEO of Infosys. Here is the mail I sent to our employees.
Dear Friends,
After a lot of reflection, I have resigned from my position as your MD & CEO effective today. A succession process has been initiated, with Pravin serving as interim MD & CEO, and I will work closely with the Board and management team over the next few months to ensure a smooth transition. In addition, I have agreed to serve as Executive Vice Chairman on the Board to further ensure continuity until the new management is in place.
For days, indeed weeks, this decision has weighed on me. I have wrestled the pros and cons, the issues and the counterbalancing arguments. But now, after much thought, and considering the environment of the last few quarters, I am clear in my decision. It is clear to me that despite our successes over the last three years, and the powerful seeds of innovation that we have sown, I cannot carry out my job as CEO and continue to create value, while also constantly defending against unrelenting, baseless/malicious and increasingly personal attacks.”
Read the full text of the mail he sent to Infosys employees here.
09:56 Sikka says ‘personal’ attacks reason behind resignation : The Infosys board has accepted Vishal Sikka’s resignation with immediate effect. NDTV reports that Dr Sikka cited “personal” attacks as one of the reasons for his surprise resignation.
“In his notice of resignation to the board, Dr Sikka 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,” Infosys said in a statement.
“The board understands and acknowledges Dr Sikka’s reasons for resignation, and regrets his decision. In particular, the board is profoundly distressed by the unfounded personal attacks on the members of our management team that were made in the anonymous letters and have surfaced in recent months,” Infosys added.
“As the board has previously stated, a series of careful investigations found no merit to the unsubstantiated and anonymous allegations that had been asserted. The Board denounces the critics who have amplified and sought to further promote demonstrably false allegations which have harmed employee morale and contributed to the loss of the company’s valued CEO,” the board further said.
09:46 Axis Bank to waive 12 EMIs on regular home loan repayment: With competition getting hotter in the affordable housing finance sector, private lender Axis Bank will waive 12 equated monthly installments (EMIs) on regular repayments of loans of up to Rs 30 lakh under the new scheme Shubh Aarambh Home Loans.
The lender has introduced Shubh Aarambh Home Loans, in which 12 EMIs are waived — four EMIs each after the fourth, eighth and 12th year ‘” from the date of the first disbursement. The waiver will be in the form of reduction in tenure.
The loans can be used to purchase an under-construction/ready/resale house, self-construction, and a plot plus construction. Customers also have the option to transfer existing home loans to Axis Bank without additional cost, according to Rajiv Anand, executive director, retail banking.
Earlier, the bank had floated Asha home loan for low-income groups.
— Abhijit Lele/Business Standard
09:36 Vishal Sikka steps down as MD, CEO of Infosys: Vishal Sikka steps down as managing director and Chief Executive Officer of Infosys, reports CNN IBN. He has been appointed vice-chairman of the company, while a panel has been formed for finalising a new CEO. Infosys appoints U B Pravin Rao as Interim-Managing Director and CEO. The changes come into effect immediately. Details awaited.
09:14 Police say 5 suspects killed in Spanish resort town were carrying bomb belts and had run over civilians with car: Reports
The United Nations today strongly condemned the “barbaric and cowardly” terror attack in Spain with UN Secretary General Antonio Guterres and the Security Council calling for the perpetrators and financiers of such
“reprehensible acts” to be brought to justice.
Guterres said the United Nations stands in solidarity with the government and the people of Spain in the fight against terrorism and violent extremism.
“He extends his heartfelt condolences to the families and friends of those killed and to the government and people of Spain,” UN chief’s Deputy Spokesman Farhan Haq said in a statement.
The statement said that Guterres hopes that those responsible for this heinous violence will be swiftly brought to justice.
A van ran into a crowd of pedestrians walking through Barcelona’s famed Las Ramblas area, killing at least 13 people and wounding many others.
The Security Council, in a statement, also condemned in the strongest terms the “barbaric and cowardly” terrorist attack which took place in Barcelona yesterday.
The members of the Security Council reaffirmed that terrorism in all its forms and manifestations constitutes one of the most serious threats to international peace and security.
Spanish Prime Minister Mariano Rajoy said the van attack in Barcelona was “jihadist terrorism” which required a global response.
“Today the fight against terrorism is the principal priority for free and open societies like ours. It is a global threat and the response has to be global,” Rajoy told a news conference in Barcelona.
He said he would call on other Spanish political parties to reaffirm the country’s anti-terrorism pact.
08:41 7 injured in second Spain car rampage: Authorities:
Just hours after a van ploughed into crowds in the heart of Barcelona killing at least 13 people, another car drove into people in the Spanish seaside resort of Cambrils.
According to authorities, six civilians and one police officer have been injured in the second attack.
Police shot four of the attackers dead and injured another one, saying they were “working on the hypothesis that the terrorists shot dead in Cambrils could be linked to what happened in Barcelona.”
Earlier, Islamic State claimed responsibility for the deadly Barcelona’s most famous avenue on Thursday, which was packed with tourists taking an afternoon stroll. The death toll could rise, with more than 100 injured, authorities said.
00:42 Trump laments removal of Confederate monuments and statues: United States President Donald Trump on Thursday lamented the removal of monuments and statues of Confederate Generals across the country, saying it makes him ‘sad’ to see the history and culture of America being ripped apart.
Trump fired off a series of tweets in which he said it was a foolish thing to do.
‘Sad to see the history and culture of our great country being ripped apart with the removal of our beautiful statues and monuments. You can’t change history, but you can learn from it,’ Trump tweeted.
While he did not mention confederate statutes, but his tweets were apparently referring to the increasing trend in the US to remove statues and monuments related to confederation.
It all started with the decision of the city council in Charlottesville to remove the statue of Robert R Lee, an American general known for commanding the Confederate Army of Northern Virginia in the American Civil war from 1862 until his surrender in 1865.
The White supremacists and neo-Nazis held a protest in Charlottesville against the removal of the statues, which was opposed by an equally strong protest from the other side, resulting in deadly violence over the weekend.
Trump has blamed both sides, resulting in hue and cry from his political opponents. — PTI
Source: Rediff