The Securities and Exchange Board of India (SEBI) has asked Infosys for details of a recent Board meeting.
The meeting, held on June 1, involved the appointment of N.R. Narayana Murthy as Executive Chairman of the Bangalore-based software exporter.
In a statement, Infosys said that SEBI has sought ‘certain clarifications’ and the company has provided the details. However, the statement did not elaborate on what kind of information the regulator had asked for.
An Infosys spokesperson in a statement said: “SEBI has sought certain clarifications from us relating to the Board meeting held on June 1and we have provided the same. We will fully co-operate with SEBI and provide all necessary information in this matter.”
SEBI declined to comment on the matter. SEBI regularly seeks clarifications from listed companies without citing reasons and the
requests for information cannot be termed as an indication of official investigation.
However, executives in some brokerage houses that Business Line spoke to said on condition of anonymity that the regulator has sought
clarifications on the increase in its share price on the day prior to the Board meeting.
In the meeting, the Board decided to recall Murthy from retirement as the company continues to battle slow growth in the last couple of years.
Interestingly, on May 31, the day before the Board meeting, Infosys’ shares outperformed the overall market and rose 3.3 per cent on the
BSE on a day when the benchmark index saw a fall of 2.3 per cent.