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Infosys shuts millionaire factory
By siliconindia
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Tuesday, 16 March 2004, 20:30 IST
BANGALORE: It's official. Infosys Technologies, the company which pioneered the employee stock option programme (esop) in the country and famously made thousands of its employees crorepatis and millionaires, has officially suspended its esop scheme, reports Economic Times.
Nandan Nilekani, CEO, president and MD of Infosys , said, We have kept the stock option scheme in abeyance. There have been no fresh grants in the past few quarters. He said the company will re-visit the issue at a later date.
According to him, the decision to suspend the scheme was taken as, the whole options space is clouded.
There are issues relating to how options are to be treated, how they can be expensed on the balance sheet etc. We are awaiting clarity on these issues. It is an Indian as well as a US issue.
Infosyss esop scheme was in the limelight because it made people ranging from company chairman NR Narayana Murthy to his chauffeur and executive assistant millionaires many times over.