Trump administration business-friendly, offers tremendous opportunities: Infosys CEO

The Trump Administration is business-friendly and entrepreneurial, and the new American government offers tremendous opportunities to do innovative work, says Infosys CEO Vishal Sikka.

“We see a tremendous opportunity to do innovative work. The (Trump) administration is a very business administration, a very entrepreneurial administration,” Infosys CEO Vishal Sikka told PTI in an interview as he refuted reports that the Indian IT companies are facing challenges under the Trump Administration.

“I don’t feel that way,” he said in response to the question during a wide-ranging interview.

“As long as we can continue to focus on innovation, on value delivery in the new areas, I think things will be okay. So IT is more and more as that. The underlying skills issue, the…Making sure that the workforce is something that is frontier of the future,” he said.

Sikka said the Trump Administration is taking steps to improve the atmosphere of doing business in the US.

“If you look at the, some of the regulated industries like banking or pharma, the emphasis has clearly shifted from valuably compliant towards innovative areas, new R&D, new adoption of financial services, new adoption of technologies for faster trading, better trading, better derivative analysis,” he said.

“Areas like that, rather than a lot of spending that used to go into regulatory compliance…In the US we notice a shift in these priorities towards innovative areas and so on,” said the Infosys CEO.

According to Sikka, Indian IT companies have a bright future in the US. “Definitely (Indian IT companies have a bright future). We have to be aligned to the future, we have to be aware of the changes that are happening around us. We have to sense and understand and respond to those by building in the software, the services, the capabilities for the future,” he said.

Infosys

“And if we do that, then I am confident that we will be relevant, we will able to thrive and this is precisely what Infosys is doing,” Sikka said.

Indian IT companies, he noted, have made extraordinary progress in the last three and half decades.

“What has got us here has worked extraordinarily well. It has created an enormous success in the last three and a half decades. But this is not what is going to get us forward. We need to continue our core values of education, of learning, of what the future is,” he said.

“What I find after my three years of experience (in Infosys), is that the youth in India is ready for that (change). It is ready to embrace that. It is ready to be entrepreneurial, to be innovative.

“I find that one of the big challenges is to make sure that the people in senior management and so forth also understand what needs to be done and that the transformation of our processes the transformation of our mechanics, our systems, to support that future reality. That has to also happen,” Sikka said.

And that is not easy, he acknowledged.

“That is a very challenging thing to do. I mean, transformation in general is a very challenging thing to do. And especially in our case, where our core business is under a margin pressure. It is exceedingly important to get that right,” he said.

 

Audit finds no evidence of wrongdoing in Panaya deal: Infosys

IT major Infosys on Friday said its internal audit committee has found no evidence supporting a whistleblower’s allegations of improprieties related to the Panaya acquisition.

In February, Infosys had said it will investigate claims levelled by the whistleblower in an anonymous mail to market regulator Sebi, alleging wrongdoings by the company when in buying Israeli automation technology firm Panaya.

While strongly refuting the allegations, the Bengaluru- based firm had also hired Gibson Dunn and Control Risks (GDCR) to conduct an internal investigation into the charges.

“Gibson Dunn and Control Risks have now completed their detailed and extensive Independent Investigation and as they have described in the attached document, they did not find any evidence whatsoever of wrongdoing,” Infosys said in a statement.

Infosys

It added that the company has fully cooperated with all requests for information from Sebi regarding the anonymous complaints.

In February 2015, Infosys had announced buying the Israeli automation technology company for $200 million or Rs 1,250 crore in cash.

GDCR, in its report, said it had found no evidence to support allegations regarding wrongdoing by the company or its directors and employees.

It added that there were no conflicts of interest or kickbacks and the approvals required for the acquisitions were obtained with regard to the Panaya acquisition.

“…thorough due diligence was conducted, the valuations of the target companies done by an outside financial advisor were reasonable, and the purchase prices were within the range of values determined by that advisor,” it said.

Also, it said it had found no evidence that CEO Vishal Sikka had received excessive variable compensation or incurred unreasonable expenses for security, travel and the Palo Alto office.

 

Sensex Surges Over 200 Points To Record High, Nifty Near 9,700; Infosys Leads Gains

Indian shares extended gains in noon trade with the BSE Sensex rising nearly 240 point to a fresh all-time high of 31,522 and Nifty gaining nearly 60 points to 9,698. Gains in the market were led by banking and financial services and IT shares. Nifty Bank, NSE’s sub-index for banking shares nearly 0.8 per cent to a record high of 23,897.85 led by gains in Yes Bank, Axis Bank, HDFC Bank, PNB and SBI. Nifty IT, the IT sub-index of NSE rose as much as 0.82 per cent.
Sensex crossed the 31,500 mark for the first time on Thrusday (June 22).
Infosys was the top gainer in Nifty, up 2.5 per cent, followed by Yes Bank, Aurobindo Pharma, Sun Pharma and HDFC, which rose between 1.5-2.1 per cent.

As of 11:35 am, Sensex was up 233.54 points or 0.74 per cent at 31,517.18 and the NSE benchmark Nifty traded 61.70 points higher at 9,695.30.

 

Infosys’ Audit Committee Finds No Wrongdoings In Panaya Deal

New Delhi: IT major Infosys today said its internal audit committee has found no evidence supporting a whistleblower’s allegations of improprieties related to the Panaya acquisition. In February, Infosys had said it will investigate claims levelled by the whistleblower in an anonymous mail to market regulator Sebi, alleging wrongdoings by the company when in buying Israeli automation technology firm Panaya.

While strongly refuting the allegations, the Bengaluru-based firm had also hired Gibson Dunn and Control Risks (GDCR) to conduct an internal investigation into the charges.

“Gibson Dunn and Control Risks have now completed their detailed and extensive Independent Investigation and as they have described in the attached document, they did not find any evidence whatsoever of wrongdoing,” Infosys said in a statement.

It added that the company has fully cooperated with all requests for information from Sebi regarding the anonymous complaints.

In February 2015, Infosys had announced buying the Israeli automation technology company for $200 million or Rs. 1,250 crore in cash.

Infosys' Audit Committee Finds No Wrongdoings In Panaya Deal

GDCR, in its report, said it had found no evidence to support allegations regarding wrongdoing by the company or its directors and employees.

It added that there were no conflicts of interest or kickbacks and the approvals required for the acquisitions were obtained with regard to the Panaya acquisition.

“…thorough due diligence was conducted, the valuations of the target companies done by an outside financial advisor were reasonable, and the purchase prices were within the range of values determined by that advisor,” it said.

Also, it said it had found no evidence that CEO Vishal Sikka had received excessive variable compensation or incurred unreasonable expenses for security, travel and the Palo Alto office.