Narayana Murthy Appointment Ratified; Calls For IT Cos To Perform Better

Bangalore: As a major contributor to exports, the IT industry has greater responsibility to perform better in view of the huge Current Account Deficit facing India, said N R NarayanaMurthy, whose appointment as Infosys Executive Chairman was ratified by shareholders.

"I'm happy that all IT companies have done reasonably well and hope they will continue this trend, because we in India have a huge problem of Current Account Deficit.

"Our imports are far more than our exports, therefore companies in this industry, which adds almost 25 per cent of our exports, will have even more greater responsibility as we move forward to perform better and better," Murthy said.

He was speaking to reporters on the sidelines of Infosys EGM (Extraordinary General Meeting) here.

Earlier at the EGM, Infosys shareholders ratified the appointment of Murthy as the Executive Chairman and whole-time Director of the board for the term of five years, effective from June 1, with requisite majority.

Reacting to his appointment for the second term, Murthy said: "I'm very grateful to the shareholders for their kindness in appointing me as the Director and consequently as the Chairman of the company for a period of five years."

"I realize that this kindness comes with a deep sense of responsibility; I hope I will be able to discharge my obligations to the expectations of the shareholders," he added.

On the question relating to changes within the organization since taking over, he said "I have certainly been enjoying my stay at the company they are all wonderful people ... Therefore I think it's a privilege to be amidst them."

The resolution to appoint Murthy as Executive Chairman and Director with a salary of Rs 1 per annum faced a dissent of one vote.

Few shareholders sought clarity on Murthy's remuneration of Re 1 and its division in terms of provident fund, leave and gratuity, pointing out that it has not been mentioned clearly in the explanatory statement.

Responding to the query, Infosys board member V Balakrishnan said: "PF, gratuity is on the base salary of Rs 1 per year, leave is as per the company policy and all other benefits are also according to the company policy; we will try and include details in the explanatory statement probably next time."

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Source: PTI