<img class="gwt-Image" src="/photo/57141397.cms" /><a href="http://www.businessinsider.in/searchresult.cms?query=infosys&amp;sortorder=effectivedate">Infosys</a> CEO <a href="http://www.businessinsider.in/searchresult.cms?query=vishal+sikka&amp;sortorder=effectivedate">Vishal Sikka</a> dismissed rumours over wrongdoing in <keyword id="4172690" type="UNKNOWN" weightage="20" keywordseo="panaya-acquisition">Panaya acquisition</keyword> and said former CFO <a href="http://www.businessinsider.in/searchresult.cms?query=rajiv+bansal&amp;sortorder=effectivedate">Rajiv Bansal </a>did not raise any red flags during the deal. 
 Sikka said people are spreading wrong information and taking advantage of <keyword id="6354512" type="CITY" weightage="20" keywordseo="Infosys">Infosys</keyword> controversy. 
 
READ ALSO: <a href="http://www.businessinsider.in/slideshows/warroom/infosys-r-seshasayee-vishal-sikka-say-no-battle-between-board-and-promoters-here-are-10-highlights-from-their-speech/slideshow/57130029.cms">Infosys’ R Seshasayee, Vishal Sikka say ‘no battle between board and promoters’. Here are 10 highlights from their speech</a> 
 
"There is a lot of irresponsibility and maliciousness in what you see. You don't appreciate that... the people who are feeding the wrong stories to the media. Lot of people, bystanders, the Monday morning quarterbacks. It is a price you pay for being at Infosys. I try to not lit get to me. Life is too short,” said Sikka. 
 
As per media reports, Bansal had raised red flags and expressed reservations during the Panaya acquisition. 
 "There is nothing there. He was CFO at the time we went through the process. It was the first time we were doing it, so we were extra careful. My view is that too big a deal has been made out of <keyword id="347003" type="PERSON" weightage="20" keywordseo="Rajiv-Bansal">Rajiv Bansal</keyword>'s severance, David's (Kennedy) severance, my compensation and Punita's (Kumar-Sinha) appointment,” said Sikka.

People are feeding wrong info, Panaya deal is clean: Vishal Sikka

<img class="gwt-Image" src="/photo/57267573.cms" /><a href="http://www.businessinsider.in/searchresult.cms?query=infosys&amp;sortorder=effectivedate">Infosys</a> CEO <a href="http://www.businessinsider.in/searchresult.cms?query=vishal+sikka&amp;sortorder=effectivedate">Vishal Sikka </a>is visibly angry due to questions raised over the US-based <a href="http://www.businessinsider.in/searchresult.cms?query=panaya+deal&amp;sortorder=effectivedate">Panaya acquisition</a>. 
 
Sikka, who is under attack due to the deal, said detractors are spreading false and malicious stories about the company. He said people were targetting him to the point of harassment. 
 In a strongly worded email to <keyword id="6354512" type="CITY" weightage="20" keywordseo="Infosys">Infosys</keyword> employees, Sikka said reports questioning the company's acquisition of US-based Panaya are "orchestrated by people who are hell-bent on harming the reputation of the company and its employees." 
 
"We have categorically denied the allegations in these stories, but they still get published," he wrote. 
 
Infosys had acquired automation technology company Panaya in 2015 for USD 200 million or Rs 1,250 crore in cash. 
 
"We cannot let these stand unchallenged, and we will take every step and pursue every avenue to strongly defend the company in the face of these unfair and unwarranted attacks," he said. 
 
READ ALSO: <a href="http://www.businessinsider.in/small-business/people/i-have-a-wonderful-relationship-with-narayana-murthy-vishal-sikka/articleshow/57124437.cms">I have a wonderful relationship with Narayana Murthy: Vishal Sikka</a>

Annoyed Vishal Sikka says people are hell-bent, attacking him to “point of harassment”

The share price of Infosys fell by 16.2% a day after whistleblowers complaint on its top management turned public, on Tuesday (October 22). That’s a wealth erosion of about ₹53,000 crore (about $7 billion). It also hit a lower circuit and closed at ₹643 per share. This is due to a whistleblower complaint which alleged that the CEO and CFO top management put pressure on them to not recognise the reversal of $50 million on FDR contracts as it will slash profits. Two anonymous whistleblowers accused the CEO Salil Parekh and CFO Nilanjan Roy of concealing information from auditors and keeping large deal information from the board. But, investors seem to fear that this may only be the tip of the iceberg. And, this is not the first time that Infosys has been accused of ‘corporate governance’’ issues. In fact, the founder of the company and the promoter group has been vocal<a href="https://economictimes.indiatimes.com/markets/stocks/news/infosys-promoters-including-murthy-nilekani-offer-shares-worth-rs-2038-crore-for-buyback/articleshow/60347494.cms?from=mdr"> of possible irregularities</a>, especially during the acquisition of Panaya for $200 million. This was of course, two years back. Ever since, the CEO Vishal Sikka and the CFO R Seshasayee have quit after blaming the founder Naranya Murthy of ‘personal attacks’ on them. The board too had been scrubbed clean and changed by one of its founders Nandan Nilekani but as it seems to be, the troubles are far from over. The severity of the fall in the share price today shows that investors are more worried about the standard of governance at one of India’s most famous home-grown companies that was once touted to be a benchmark in corporate governance. As per he whistleblower complaints, millions in reversals were not added into the accounts, to make profits ‘look good’. Amongst other things, whistleblowers said that Even without a possibly fake facelift, Infosys has been losing out to its competitors. A research report by Nomura has maintained its ‘neutral’ rating on the company preferring TCS over it. “We expect calendar year growth momentum to moderate in the second half below double digits as it should be seasonally weak with furloughs in the third quarter. Incrementally, outlook is weak in retail, and BFSI remains soft which is 50% of revenues combined), though performance and outlook on other verticals is strong,” the report said after Infosys declared its quarterly results. For a company which is growing slow, investigation and accusations will not help. Not during times of slowdown which it already has a lot of ground to cover. If more troubles come out of the Pandora’s box, Infosys will risk comparison to the likes of Satyam Computers which went down in 2009 after the promoter Ramalinga Raju tried to merge it with another infrastructure company he runs, failed and declared his role in a scandal that hit the credibility of entire India Inc.

Infosys lost $7 billion in share value due to $50 million whistleblower complaint-- showing that governance is bigger than money

<img class="gwt-Image" src="/photo/47541272.cms" /> After winning six major deals this quarter, <keyword id="2883603" type="UNKNOWN" weightage="20" keywordseo="Indias-second-largest-software-exporter">India's second largest software exporter</keyword> <keyword id="6354512" type="CITY" weightage="20" keywordseo="Infosys">Infosys</keyword> is progressing to achieve its <keyword id="2883604" type="UNKNOWN" weightage="20" keywordseo="full-year-revenue-guidance">full year revenue guidance</keyword> of 10%-12% growth, the company’s chief executive <keyword id="6369763" type="PERSON" weightage="20" keywordseo="Vishal-Sikka">Vishal Sikka</keyword> told the Economic Times. 
 
In an investor conference on Wednesday, Sikka said that the Bengaluru-headquartered consulting firm looks to implement a new incentive structure that may include a different stock option plan. 
 
The 48-year-old, who over the past few months has completely revamped the way Infosys' top 100 customer accounts are structured, further added that the six major deals would contribute more than $50 million in annual revenue. Currently, Infosys has nearly 15 $100-million customer accounts. "There's tremendous room to grow in the top 15 accounts," he said. 
 Besides, Sikka also asserted that Infosys was in the process of completely revamping its sales force. He said, "On the sales side, <keyword id="2883605" type="UNKNOWN" weightage="20" keywordseo="incentivisation">incentivisation</keyword> needs to be tweaked to better align with company goals. I think the company definitely needs better operational rigour. So we're trying to improve sales efficiency, sales effectiveness and mining of accounts." 
 Talking about the <keyword id="6362476" type="ORGANIZATION" weightage="20" keywordseo="investments">investments</keyword>, Sikka said that the Indian MNC was also making significant investments in the area of automation. He said, "We've built the Infosys Automation Platform. We bought Panaya, so we're doing a significant amount of work on automation.” 
(Image: Infosys)

​Infosys is slowly yet steadily progressing to achieve its revenue targets

<img class="gwt-Image" src="/photo/46660375.cms" /> The <keyword id="2776857" type="UNKNOWN" weightage="80" keywordseo="technology-startup-arena">technology startup arena</keyword> has registered a sharp rise in the recent past. This hyper-growth inflection point of the startup ecosystem has motivated India’s second largest IT firm <keyword id="6354512" type="CITY" weightage="80" keywordseo="Infosys">Infosys</keyword> to allocate a quarter of its $500-million fund, which will amount nearly 750 crore, to invest in startups in <keyword id="6357722" type="COMPANY" weightage="80" keywordseo="silicon-valley">Silicon Valley</keyword>, Israel and India along with venture capital firms. This information was revealed in an Economic Times report. 
 
Requesting anonymity, two people familiar with Infosys' plan told ET that the Bengaluru-based software services company has had discussions with about two dozen VC firms to carry out such investment, and this even includes Andreessen Horowitz. According to one of them, "There are no formal agreements with any particular VCs. The strategy is to back startups and entrepreneurs with ideas that align with the company. The idea is not just to be a passive financial investor but take disruptive solutions to customers." 
 As per the ET report, the chief executive <keyword id="6369763" type="PERSON" weightage="80" keywordseo="Vishal-Sikka">Vishal Sikka</keyword> is seeking to broaden the company's offerings in newer areas of technology in order to set Infosys apart from its competitors like <keyword id="28721" type="CITY" weightage="80" keywordseo="Cognizant">Cognizant</keyword> and <keyword id="10862" type="CITY" weightage="80" keywordseo="Wipro">Wipro</keyword> in the ever-growing world of technology. 
 
Ritika Suri, who joined Infosys from SAP late last year, is leading the startup fund and mergers and acquisitions, the business daily added. In February, Infosys carried out its first startup investment by sinking about $15 million in a firm spun-off from Dream-Works Animation. Soon after this, the tech major signed a deal worth about Rs 1,200 crore ($200 million) to buy US and Israel-based automation startup Panaya to hunt the best startup clusters across the globe. 
 With more than 3,000 tech start-ups, India is the fourth largest base for young businesses in the world and it is expected that by 2020 the base will increase to 11,500 tech start-ups, as per a study report by <keyword id="6372077" type="CITY" weightage="100" keywordseo="Nasscom">NASSCOM</keyword>. 
(Image: Thinkstock)

You Searched For "Infosys Panaya deal" and got 5 results

People are feeding wrong info, Panaya deal is clean: Vishal Sikka

BI India Bureau

Annoyed Vishal Sikka says people are hell-bent, attacking him to “point of harassment”

BI India Bureau

Infosys lost $7 billion in share value due to $50 million whistleblower complaint-- showing that governance is bigger than money

Katya Naidu

Infosys is slowly yet steadily progressing to achieve its revenue targets

BI India Bureau

This Indian company will invest Rs 750 cr in startups in the Silicon Valley

BI India Bureau

You Searched For "Infosys Panaya deal" and got 5 results

People are feeding wrong info, Panaya deal is clean: Vishal Sikka

BI India Bureau

Annoyed Vishal Sikka says people are hell-bent, attacking him to “point of harassment”

BI India Bureau

Infosys lost $7 billion in share value due to $50 million whistleblower complaint-- showing that governance is bigger than money

Katya Naidu

​Infosys is slowly yet steadily progressing to achieve its revenue targets

BI India Bureau

​This Indian company will invest Rs 750 cr in startups in the Silicon Valley

BI India Bureau

Infosys is slowly yet steadily progressing to achieve its revenue targets

This Indian company will invest Rs 750 cr in startups in the Silicon Valley