France has fined Infosys after gaps were found in the company's system for tracking employee working hours. The company disclosed in a stock exchange filing that it was asked to pay €175,000 (Rs 1.91 crore) for not complying with local labour regulations. French labour laws state that employees will work 35 hours a week, which could be extended in some positions and roles to 48 hours. This requires all companies to monitor the working hours of all employees, including those hired on a contractual basis.&nbsp;In a July 25 filing, Infosys said that its employee working time recording system was found to be non-compliant with local legal requirements. &nbsp;DRIEETS Île-de-France, the French labour authority, concluded that Infosys’ working time recording system did not fully comply with French labour laws. It found that the system’s reliability, auditability and monitoring capabilities had certain shortcomings for certain categories of employees, making it difficult for regulators or auditors to review and validate actual hours worked.<h2>France has strict labour laws</h2>France's labour laws require all companies to follow a set of rules. They need to monitor the working hours to ensure employees do not work more than the said hours, and if that happens, they are paid overtime as mandated by law. For salaried employees on forfait jours (fixed number of days per year), employers have to track the number of days worked. Overtime is paid at 125 per cent for the first eight hours when total hours exceed 35 hours, and the compensation jumps to 150 per cent thereafter.Also Read: <a href="https://www.wionews.com/trending/indian-techie-with-h1-b-visa-deported-and-humiliated-by-ice-here-is-what-infosys-said-1768457903335">Indian techie with H1-B visa deported and humiliated by ICE? Here is what Infosys said</a>&nbsp;The filing does not specify which categories of Infosys employees were affected by the findings. Infosys said that it is reviewing the communication and that the fine would not impact its financials, operations or other business activities.&nbsp;<h2>Netizens react to Infosys being fined in France</h2>Meanwhile, Indians are talking about it on social media, especially since Narayana Murthy, Infosys founder, had called for a 70-hour work week in the country. One wrote, "Narayan Murthy crying somewhere in streets of India. This slavery mindset can only be applied to third world country like ours, but in Europe??" Another stated, "France's move is absolutely right. forcing employees to work excessive hours at the expense of their mental health and family life is completely unacceptable…"

Infosys has been fined nearly Rs 2 crore because its system for tracking employee working hours was found non-compliant with labour regulations. The country requires all companies to track the hours so that employees are not overworked without adequate overtime compensation. 

France has fined Infosys after gaps were found in the company's system for tracking employee working hours. The company disclosed in a stock exchange filing that it was asked to pay €175,000 (Rs 1.91 crore) for not complying with local labour regulations. French labour laws state that employees will work 35 hours a week, which could be extended in some positions and roles to 48 hours. This requires all companies to monitor the working hours of all employees, including those hired on a contractual basis. In a July 25 filing, Infosys said that its employee working time recording system was found to be non-compliant with local legal requirements. DRIEETS Île-de-France, the French labour authority, concluded that Infosys’ working time recording system did not fully comply with French labour laws. It found that the system’s reliability, auditability and monitoring capabilities had certain shortcomings for certain categories of employees, making it difficult for regulators or auditors to review and validate actual hours worked. France has strict labour laws France's labour laws require all companies to follow a set of rules. They need to monitor the working hours to ensure employees do not work more than the said hours, and if that happens, they are paid overtime as mandated by law. For salaried employees on forfait jours (fixed number of days per year), employers have to track the number of days worked. Overtime is paid at 125 per cent for the first eight hours when total hours exceed 35 hours, and the compensation jumps to 150 per cent thereafter. Also Read: Indian techie with H1-B visa deported and humiliated by ICE? Here is what Infosys said The filing does not specify which categories of Infosys employees were affected by the findings. Infosys said that it is reviewing the communication and that the fine would not impact its financials, operations or other business activities. Netizens react to Infosys being fined in France Meanwhile, Indians are talking about it on social media, especially since Narayana Murthy, Infosys founder, had called for a 70-hour work week in the country. One wrote, "Narayan Murthy crying somewhere in streets of India. This slavery mindset can only be applied to third world country like ours, but in Europe??" Another stated, "France's move is absolutely right. forcing employees to work excessive hours at the expense of their mental health and family life is completely unacceptable…"

Infosys has been fined nearly Rs 2 crore because its system for tracking employee working hours was found non-compliant with labour regulations. The country requires all companies to track the hours so that employees are not overworked without adequate overtime compensation.&nbsp;

France fines Infosys Rs 1.9 crore because of how it tracked employee hours

Igniting the debate around work-life balance, Sunny Varkey, the Indian-born chairman of Dubai-based GEMS Education said that one must ‘literally’ have the ability to work 24/7 to achieve success. In a conversation with Emirati podcaster Anas Bukhash, Varkey opined that success can't be achieved if a person works eight to nine hours like any regular person. While he suggested that one must try to achieve work-life balance, he also contrasted his own statements by saying that it would be difficult to maintain both success and work-life balance. He also added that he works almost 24/7 as nothing in today's world comes ‘free hand’.&nbsp;“If I work eight hours like everybody else, I won’t be successful. One must have the passion, and then you must have the ability to literally work 24/7 to achieve success. I worked almost 24/7. Today, I work 24/7, literally. And the team works with me on the same level and same pace…Somebody has to work hard to achieve things. Nobody gives you a free hand in today’s world, nobody.. You have to work hard, but sometimes it’s difficult to have a work-life balance,” the billionaire stated.&nbsp;Read More | <a href="https://www.wionews.com/trending/narayana-murthy-now-asks-parents-to-study-sacrifice-their-tv-time-for-kids-757463">Narayana Murthy now asks parents to study and sacrifice their TV time for kids</a><h3>Narayana Murthy's ‘70-hour work week’ pitch</h3>Back in 2023, Infosys founder NR Narayana Murthy commented on India's low work productivity and pitched that Indian youth should work for ‘70 hours a week’ to catch up with the world. This meant, he elaborated that India's youth will have to work 12 hours a day in order to compete with countries like China. “This is my country. I’d like to work 70 hours a week,” he stated during a podcast with former Infosys CFO Mohandas Pai. Recently, Murthy clarified that choosing a 70-hour workweek is a personal choice, not something to impose on others. "These are not issues that should be debated... one can introspect on… and do whatever they want," he remarked.&nbsp;&nbsp;Read More | <a href="https://www.wionews.com/trending/lt-chairmans-work-90-hours-a-week-remark-sparks-meme-fest-online-8618052">'Stare at someone else's wife...': L&amp;T chairman's work '90 hours a week' remark sparks meme fest online</a><h2>L&amp;T Chairman's ‘how long can you stare at your wife’ remark</h2>Days after Murthy suggested a 70-hour work week, a video of Larsen &amp; Toubro (L&amp;T) Chairman N Subrahmanyan speaking at a conference about a <a href="https://www.wionews.com/trending/lt-chairmans-work-90-hours-a-week-remark-sparks-meme-fest-online-8618052">90-hour work week</a> went viral. Subrahmanyan suggested employees should work 90 hours a week, adding a controversial statement taht he would be happy if Sundays could also be a working day. "What do you do sitting at home? How long can you stare at your wife? How long can wives stare at their husbands? Go to the office and start working. Honestly, I am sorry that I am not able to make you work on Sundays. I will be happier if I can make you work on Sundays because I work on Sundays too," Subhrahmanyan had said.&nbsp;Read More | <a href="https://www.wionews.com/trending/lt-chairman-sn-subrahmanyans-pay-in-fy24-was-51-crore-535-times-median-employee-salary-8608974">L&amp;T Chairman SN Subrahmanyan's pay in FY24 was ₹51 crore, 535 times median employee salary</a>

Sunny Varkey, GEMS Education chairman, said success requires working 24/7, not just 8–9 hours a day. In a podcast, he admitted that balancing work and life is tough but stressed that hard work and passion are essential. He has ignited the debate around work-life balance again

Igniting the debate around work-life balance, Sunny Varkey, the Indian-born chairman of Dubai-based GEMS Education said that one must ‘literally’ have the ability to work 24/7 to achieve success. In a conversation with Emirati podcaster Anas Bukhash, Varkey opined that success can't be achieved if a person works eight to nine hours like any regular person. While he suggested that one must try to achieve work-life balance, he also contrasted his own statements by saying that it would be difficult to maintain both success and work-life balance. He also added that he works almost 24/7 as nothing in today's world comes ‘free hand’. “If I work eight hours like everybody else, I won’t be successful. One must have the passion, and then you must have the ability to literally work 24/7 to achieve success. I worked almost 24/7. Today, I work 24/7, literally. And the team works with me on the same level and same pace…Somebody has to work hard to achieve things. Nobody gives you a free hand in today’s world, nobody.. You have to work hard, but sometimes it’s difficult to have a work-life balance,” the billionaire stated. Read More | Narayana Murthy now asks parents to study and sacrifice their TV time for kids Narayana Murthy's ‘70-hour work week’ pitch Back in 2023, Infosys founder NR Narayana Murthy commented on India's low work productivity and pitched that Indian youth should work for ‘70 hours a week’ to catch up with the world. This meant, he elaborated that India's youth will have to work 12 hours a day in order to compete with countries like China. “This is my country. I’d like to work 70 hours a week,” he stated during a podcast with former Infosys CFO Mohandas Pai. Recently, Murthy clarified that choosing a 70-hour workweek is a personal choice, not something to impose on others. "These are not issues that should be debated... one can introspect on… and do whatever they want," he remarked. Read More | 'Stare at someone else's wife...': L&T chairman's work '90 hours a week' remark sparks meme fest online L&T Chairman's ‘how long can you stare at your wife’ remark Days after Murthy suggested a 70-hour work week, a video of Larsen & Toubro (L&T) Chairman N Subrahmanyan speaking at a conference about a 90-hour work week went viral. Subrahmanyan suggested employees should work 90 hours a week, adding a controversial statement taht he would be happy if Sundays could also be a working day. "What do you do sitting at home? How long can you stare at your wife? How long can wives stare at their husbands? Go to the office and start working. Honestly, I am sorry that I am not able to make you work on Sundays. I will be happier if I can make you work on Sundays because I work on Sundays too," Subhrahmanyan had said. Read More | L&T Chairman SN Subrahmanyan's pay in FY24 was ₹51 crore, 535 times median employee salary

Sunny Varkey, GEMS Education chairman, said success requires working 24/7, not just 8–9 hours a day. In a podcast, he admitted that balancing work and life is tough but stressed that hard work and passion are essential. He has ignited the debate around work-life balance again

'Must have ability to work 24/7': Indian billionaire reignites work-life balance debate

Work-life balance and toxic work practices in corporate firms have become the talk of the town in recent months. Be it the Indian business tycoon N R Narayan Murthy, who set the internet on fire with his "70 hours of work" comment, or the young CEOs of Indian tech companies like Zepto and Greptile.&nbsp;

In the latest controversy, Zepto's CEO Aadit Palicha posted on X on Wednesday (Dec. 4) saying, "I have nothing against work-life balance. I recommend it to all our competitors."

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I have nothing against work-life balance. In fact, I recommend it to all our competitors :)
— Aadit Palicha (@aadit_palicha) <a href="https://twitter.com/aadit_palicha/status/1864139220924711416?ref_src=twsrc%5Etfw">December 4, 2024</a></blockquote>
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The post got immediate attention after Palicha replied to the post saying, "FYI, not my quote – read it from an interview with Daksh Gupta."&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/age-reversing-expert-bryan-johnson-says-he-loved-being-in-india-but-is-shocked-by-781489">Age-reversing expert Bryan Johnson says he 'loved being in India', but is 'shocked by...'</a>

The post was basically a nod to Greptile CEO Daksh Gupta, who has been a subject of criticism online for endorsing long work hours.&nbsp;

Palicha's X post quickly went viral, with people connecting it to a recent anonymous Reddit post calling Zepto's work culture "toxic." The Reddit post claimed the company pressures its employees with demanding expectations.&nbsp;

The post further claimed that Palicha starts his day at 2 pm because he faces difficulties waking up early. This habit of his leads to team meetings being scheduled at 2 am.&nbsp;

An X user replied to Palicha's post, saying he "woke up early" to write the post. Another user also took a dig at him as she wrote, "Ah, burning the midnight oil to dunk on toxic work culture posts on Reddit? Bold strategy! So, what time's your first meeting today—asking for your coffee machine."

<h2>'Zero tolerance for mediocrity'</h2>

Also read |&nbsp;<a href="https://www.wionews.com/world/indian-student-fatally-stabbed-in-canada-suspect-arrested-781480">Indian student fatally stabbed in Canada, suspect arrested</a>

The backlash on Gupta started when he posted a controversial opinion on November 9 on X saying, “Workdays start at 9 am and end at 11 pm, sometimes later. We also work Saturdays, occasionally Sundays. The environment is high-stress, with zero tolerance for mediocrity."

(With inputs from agencies)

&nbsp;

Work-life balance and toxic work practices in corporate firms have become the talk of the town in recent months. Be it the Indian business tycoon N R Narayan Murthy, who set the internet on fire with his "70 hours of work" comment, or the young CEOs of Indian tech companies like Zepto and Greptile.

Work-life balance and toxic work practices in corporate firms have become the talk of the town in recent months. Be it the Indian business tycoon N R Narayan Murthy, who set the internet on fire with his "70 hours of work" comment, or the young CEOs of Indian tech companies like Zepto and Greptile. In the latest controversy, Zepto's CEO Aadit Palicha posted on X on Wednesday (Dec. 4) saying, "I have nothing against work-life balance. I recommend it to all our competitors." I have nothing against work-life balance. In fact, I recommend it to all our competitors :) — Aadit Palicha (@aadit_palicha) December 4, 2024 × The post got immediate attention after Palicha replied to the post saying, "FYI, not my quote – read it from an interview with Daksh Gupta." Also read | Age-reversing expert Bryan Johnson says he 'loved being in India', but is 'shocked by...' The post was basically a nod to Greptile CEO Daksh Gupta, who has been a subject of criticism online for endorsing long work hours. Palicha's X post quickly went viral, with people connecting it to a recent anonymous Reddit post calling Zepto's work culture "toxic." The Reddit post claimed the company pressures its employees with demanding expectations. The post further claimed that Palicha starts his day at 2 pm because he faces difficulties waking up early. This habit of his leads to team meetings being scheduled at 2 am. An X user replied to Palicha's post, saying he "woke up early" to write the post. Another user also took a dig at him as she wrote, "Ah, burning the midnight oil to dunk on toxic work culture posts on Reddit? Bold strategy! So, what time's your first meeting today—asking for your coffee machine." 'Zero tolerance for mediocrity' Also read | Indian student fatally stabbed in Canada, suspect arrested The backlash on Gupta started when he posted a controversial opinion on November 9 on X saying, “Workdays start at 9 am and end at 11 pm, sometimes later. We also work Saturdays, occasionally Sundays. The environment is high-stress, with zero tolerance for mediocrity." (With inputs from agencies)

Zepto CEO clarifies stance on work life balance after 'toxic culture' allegations

IT industry tycoon N R Narayana Murthy, alongside his wife and Rajya Sabha member Sudha Murty, as well as&nbsp;cricket icon Rahul Dravid were among the initial voters on Friday (Apr 26) in the second phase of Lok Sabha elections.

Murthy and his wife encouraged citizens, particularly the younger generation, to actively participate in the ongoing voting process.

"We get this right to vote once every five years. We have to exercise this right responsibly with a lot of thinking. No one should let go of this opportunity," Narayana Murthy told reporters.

Sudha Murty mentioned that despite not feeling well, the 77-year-old Infosys founder still made the effort to come and vote.

"Narayana Murthy was unwell and he was in the hospital. We got him discharged, and after voting, we are taking him home," she said.

<a href="https://www.wionews.com/india-news/battle-of-the-bastions-people-of-bengaluru-south-are-nationalists-they-will-back-narendra-modi-713918">Also read |&nbsp;Battle of the Bastions: 'People of Bengaluru South are nationalists. They will back Narendra Modi'</a>

She mentioned that even though she had plans to travel, she made sure to vote before leaving.

"Matadana Shreshta Daana (voting is noble). Rather than sitting and talking, come out, vote, and express your opinion. More and more people should come out and vote," she said.

Watch the video here:

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<a href="https://twitter.com/hashtag/WATCH?src=hash&amp;ref_src=twsrc%5Etfw">#WATCH</a> | Karnataka: Infosys founder Narayana Murthy casts his vote at BES polling station in Bengaluru. 
 
Karnataka is voting on 14 seats today in the second phase of Lok Sabha elections.<a href="https://twitter.com/hashtag/LokSabhaElections2024?src=hash&amp;ref_src=twsrc%5Etfw">#LokSabhaElections2024</a> <a href="https://t.co/Pv81ktRzte">pic.twitter.com/Pv81ktRzte</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1783673109213552727?ref_src=twsrc%5Etfw">April 26, 2024</a></blockquote>
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After casting her vote at a polling station in Jayanagar, she talked to reporters and urged young people to go out and vote.

Also watch |&nbsp;Infosys co-founder Narayan Murty gifts shares to 4-month-old grandchild

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/infosys-co-founder-narayan-murty-gifts-shares-to-4-month-old-grandchild-701606/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

"Senior citizens like me will be standing in the queue. Youth should also come out and vote."

She asked the people of Bengaluru, where voting turnout is typically low, to come out and vote in big groups.

"Educated people usually come out in less numbers to vote. As informed voters, you have to exercise your right."

Rahul Dravid, the head coach of the Indian men's cricket team, said that this is a chance for everyone to join in and help advance democracy.

<a href="https://www.wionews.com/india-news/india-votes-in-second-of-seven-phase-elections-as-pm-modi-seeks-third-term-715138">Also read |&nbsp;India votes in second of seven-phase elections as PM Modi seeks third term</a>

"Good arrangements have been made for the smooth conduct of elections...please come out and vote in large numbers. There should be a record turnout in Bengaluru this time. Youths should come out and vote, especially first time voters," he said.&nbsp;

(With inputs from agencies)

&nbsp;

IT industry tycoon N R Narayana Murthy, alongside his wife and Rajya Sabha member Sudha Murty, as well as cricket icon Rahul Dravid were among the initial voters on Friday (Apr 26) in the second phase of Lok Sabha elections.

IT industry tycoon N R Narayana Murthy, alongside his wife and Rajya Sabha member Sudha Murty, as well as cricket icon Rahul Dravid were among the initial voters on Friday (Apr 26) in the second phase of Lok Sabha elections. Murthy and his wife encouraged citizens, particularly the younger generation, to actively participate in the ongoing voting process. "We get this right to vote once every five years. We have to exercise this right responsibly with a lot of thinking. No one should let go of this opportunity," Narayana Murthy told reporters. Sudha Murty mentioned that despite not feeling well, the 77-year-old Infosys founder still made the effort to come and vote. "Narayana Murthy was unwell and he was in the hospital. We got him discharged, and after voting, we are taking him home," she said. Also read | Battle of the Bastions: 'People of Bengaluru South are nationalists. They will back Narendra Modi' She mentioned that even though she had plans to travel, she made sure to vote before leaving. "Matadana Shreshta Daana (voting is noble). Rather than sitting and talking, come out, vote, and express your opinion. More and more people should come out and vote," she said. Watch the video here: #WATCH | Karnataka: Infosys founder Narayana Murthy casts his vote at BES polling station in Bengaluru. Karnataka is voting on 14 seats today in the second phase of Lok Sabha elections.#LokSabhaElections2024 pic.twitter.com/Pv81ktRzte — ANI (@ANI) April 26, 2024 × After casting her vote at a polling station in Jayanagar, she talked to reporters and urged young people to go out and vote. Also watch | Infosys co-founder Narayan Murty gifts shares to 4-month-old grandchild "Senior citizens like me will be standing in the queue. Youth should also come out and vote." She asked the people of Bengaluru, where voting turnout is typically low, to come out and vote in big groups. "Educated people usually come out in less numbers to vote. As informed voters, you have to exercise your right." Rahul Dravid, the head coach of the Indian men's cricket team, said that this is a chance for everyone to join in and help advance democracy. Also read | India votes in second of seven-phase elections as PM Modi seeks third term "Good arrangements have been made for the smooth conduct of elections...please come out and vote in large numbers. There should be a record turnout in Bengaluru this time. Youths should come out and vote, especially first time voters," he said. (With inputs from agencies)

Lok Sabha elections 2024: Sudha Murty gets Narayana Murthy discharged from hospital to vote - watch

Infosys founder NR Narayana Murthy said that infrastructure projects need to be completed by the government on priority and emphasised the requirement of three working shifts, not just one. The comment was made by the Indian billonaire while discussing the need to bring development in his home city Bengaluru in the next 5-10 years.&nbsp;

"Completing the Electronics City Metro and expanding to other areas, where there are a lot of companies located, must be prioritised," said Murthy, while engaging in a fireside chat with Zerodha co-founder Nikhil Kamath at the Bengaluru Tech Summit on November 29.&nbsp;

He appealed to the infrastructure industry to move ahead of the traditional one-shift. "They should not work just one shift, come 11 am and go at 5 pm," he added.

He stated that people with ambitious aspirations generally operate on two work shifts in the country. He added that if a similar approach is embraced by India, it can surpass the growth of China. "Elsewhere in the nation with high aspirations, people work - I have seen two shifts because I would return around midnight. And I've seen people working as if they're going to disappear tomorrow morning. So, while I cannot vouch for three shifts there, I can vouch for two shifts," Murthy said.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/it-billionaire-narayana-murthy-suggests-70-hour-work-week-for-indian-youth-and-internet-has-this-to-say-651689">IT billionaire Narayana Murthy suggests 70-hour work week for Indian youth, and internet has this to say</a>

"Now if we want to be better than all those countries, why don't we say our people will work three shifts? Ask them what the requirements are for them to complete their work by working three shifts, and provide them with that. I think there is a little bit of these things that can be done by our leaders. And if we did that, then I have no doubt why India cannot grow even faster than China, not just in growth alone. Our base is only 3.5 trillion, whereas China's is 19 trillion. But we will catch up with China, and hopefully, one day we can overtake China. But that requires making quick decisions, ensuring that all hurdles for entrepreneurs like you and others today, I'm not an entrepreneur, are removed as if there is no tomorrow," he added. &nbsp;

<h2>Murthy's comments spark another debate on social media</h2>

During the fireside chat, Murthy discussed English medium schools for talented resources for the software industry of the city, quick decision-making by the government and focus on infrastructure. He said that Bengaluru contributes to nearly 35-37 per cent of India's total software exports. "So what it means is that you are looking at about 75 billion dollars from just Bengaluru if you look at 200 billion dollar total exports from India," he added.&nbsp;

Watch:&nbsp;India: Bharatiya Janata Party launches 2024 poll campaign

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/india-bharatiya-janata-party-launches-2024-poll-campaign-wion-664375/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The latest comments by Murthy have sparked a new debate among social media users.&nbsp;

"Give triple the salary other nations are giving triple the salaries," wrote a user wrote. "Follow salary structure wise talking doesn't make any sense," another user said.

"With all due respect. Please stop making such irrelevant statements," the third user added.&nbsp;

Earlier, another debate was sparked by Murthy on social media after he made a remark that "youngsters should work 70 hours a week if India wants to compete with economies that have made tremendous progress in the last two to three decades".&nbsp;

(With inputs from agencies)

Infosys founder NR Narayana Murthy said that infrastructure projects need to be completed by the government on priority and emphasised the requirement of three working shifts, not just one.

Infosys founder NR Narayana Murthy said that infrastructure projects need to be completed by the government on priority and emphasised the requirement of three working shifts, not just one. The comment was made by the Indian billonaire while discussing the need to bring development in his home city Bengaluru in the next 5-10 years. "Completing the Electronics City Metro and expanding to other areas, where there are a lot of companies located, must be prioritised," said Murthy, while engaging in a fireside chat with Zerodha co-founder Nikhil Kamath at the Bengaluru Tech Summit on November 29. He appealed to the infrastructure industry to move ahead of the traditional one-shift. "They should not work just one shift, come 11 am and go at 5 pm," he added. He stated that people with ambitious aspirations generally operate on two work shifts in the country. He added that if a similar approach is embraced by India, it can surpass the growth of China. "Elsewhere in the nation with high aspirations, people work - I have seen two shifts because I would return around midnight. And I've seen people working as if they're going to disappear tomorrow morning. So, while I cannot vouch for three shifts there, I can vouch for two shifts," Murthy said. Also read: IT billionaire Narayana Murthy suggests 70-hour work week for Indian youth, and internet has this to say "Now if we want to be better than all those countries, why don't we say our people will work three shifts? Ask them what the requirements are for them to complete their work by working three shifts, and provide them with that. I think there is a little bit of these things that can be done by our leaders. And if we did that, then I have no doubt why India cannot grow even faster than China, not just in growth alone. Our base is only 3.5 trillion, whereas China's is 19 trillion. But we will catch up with China, and hopefully, one day we can overtake China. But that requires making quick decisions, ensuring that all hurdles for entrepreneurs like you and others today, I'm not an entrepreneur, are removed as if there is no tomorrow," he added. Murthy's comments spark another debate on social media During the fireside chat, Murthy discussed English medium schools for talented resources for the software industry of the city, quick decision-making by the government and focus on infrastructure. He said that Bengaluru contributes to nearly 35-37 per cent of India's total software exports. "So what it means is that you are looking at about 75 billion dollars from just Bengaluru if you look at 200 billion dollar total exports from India," he added. Watch: India: Bharatiya Janata Party launches 2024 poll campaign The latest comments by Murthy have sparked a new debate among social media users. "Give triple the salary other nations are giving triple the salaries," wrote a user wrote. "Follow salary structure wise talking doesn't make any sense," another user said. "With all due respect. Please stop making such irrelevant statements," the third user added. Earlier, another debate was sparked by Murthy on social media after he made a remark that "youngsters should work 70 hours a week if India wants to compete with economies that have made tremendous progress in the last two to three decades". (With inputs from agencies)

After 70-hour workweek suggestion, Narayana Murthy fires new shot: Three-shift work

Tech visionary Bill Gates joined comedian Trevor Noah on the 'what now?' podcast, where he envisioned a future where artificial intelligence transforms our daily grind, leading to a lighter workload for humans. This comes in stark contrast to what Infosys founder Narayan Murthy said a while back, where he advocated a 70-hour work week.

Bill Gates envisions a future without overworking humans | World News | WION

Infosys founder NR Narayana Murthy has invited divided reactions by saying that Indian youngsters should work 70 hours a week if the country has to catch up with the economies that&nbsp;have progressed ahead in the last&nbsp;two to three decades.

Murthy appeared on the first episode of 3one4 Capital’s podcast 'The Record’, hosted by the former Infosys CFO Mohandas Pai. Murthy spoke about nation-building, technology, and his company Infosys, including his opinion on today’s youth.

Murthy, while reflecting on the economic progress achieved by China, said that&nbsp;India’s youngsters must put in extra hours of work just like Japan and Germany did after the Second World War.

Also read |&nbsp;<a href="https://www.wionews.com/world/boris-johnson-believed-narayana-murthy-was-helping-rishi-sunak-to-become-uk-pm-reveals-new-book-636519">Boris Johnson 'believed' Narayana Murthy was helping Rishi Sunak to become UK PM, claims new book</a>

Murthy said: "India's work productivity is one of the lowest in the world. Unless we improve our work productivity, unless we reduce corruption in the government at some level, because we have been reading I don't know the truth of it, unless we reduce the delays in our bureaucracy in taking this decision, we will not be able to compete with those countries that have made tremendous progress."

Murthy, 77, added:&nbsp;"So therefore, my request is that our youngsters must say, 'This is my country. I'd like to work 70 hours a week.'"

"You know, this is exactly what the Germans and Japanese did after the Second World War; they made sure that every German worked extra hours for a certain number of years."

<h2>Internet divided on Murthy's work-week comment</h2>

Murthy's comment was hailed by ridesharing company Ola's CEO Bhavish Aggarwal.&nbsp;

"Totally agree with Mr Murthy’s views. It’s not our moment to work less and entertain ourselves. Rather it’s our moment to go all in and build in 1 generation what other countries have built over many generations!" Aggarwal said.

Also watch |&nbsp;Stop working long hours

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"I agree with Narayan Murthy. Anticipating extraordinary results while investing only ordinary efforts is unrealistic. If you're content with average outcomes, there's no pressure to push yourself further. But, if you aspire exceptional growth, you've to go extra mile &amp; efforts," wrote another user on X, formerly known as Twitter.

"Narayan Murthy said it right. I feel even 70 is less. If you aspire to become vishwaguru, you can’t cant wait for gov jobs to be created. Collectively 20-45 yr old age group must strive day &amp; night, employ others to make us reach 3rd spot or $10,000 per capita," another user wrote.&nbsp;

But many on the internet denounced Murthy's views.

"Just because Narayan Murthy said you must work 70 hours doesn't mean you have to take him seriously. Swipe out on time. Ignore. Chill," wrote a user.

"While hard work is important, it's equally crucial to prioritize work-life balance, mental health, and employee well-being. Quality work, not just quantity, should be our focus," wrote another.

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Infosys founder NR Narayana Murthy has invited divided reactions by saying that Indian youngsters should work 70 hours a week if the country has to catch up with the economies that have progressed ahead in the last two to three decades.

Infosys founder NR Narayana Murthy has invited divided reactions by saying that Indian youngsters should work 70 hours a week if the country has to catch up with the economies that have progressed ahead in the last two to three decades. Murthy appeared on the first episode of 3one4 Capital’s podcast 'The Record’, hosted by the former Infosys CFO Mohandas Pai. Murthy spoke about nation-building, technology, and his company Infosys, including his opinion on today’s youth. Murthy, while reflecting on the economic progress achieved by China, said that India’s youngsters must put in extra hours of work just like Japan and Germany did after the Second World War. Also read | Boris Johnson 'believed' Narayana Murthy was helping Rishi Sunak to become UK PM, claims new book Murthy said: "India's work productivity is one of the lowest in the world. Unless we improve our work productivity, unless we reduce corruption in the government at some level, because we have been reading I don't know the truth of it, unless we reduce the delays in our bureaucracy in taking this decision, we will not be able to compete with those countries that have made tremendous progress." Murthy, 77, added: "So therefore, my request is that our youngsters must say, 'This is my country. I'd like to work 70 hours a week.'" "You know, this is exactly what the Germans and Japanese did after the Second World War; they made sure that every German worked extra hours for a certain number of years." Internet divided on Murthy's work-week comment Murthy's comment was hailed by ridesharing company Ola's CEO Bhavish Aggarwal. "Totally agree with Mr Murthy’s views. It’s not our moment to work less and entertain ourselves. Rather it’s our moment to go all in and build in 1 generation what other countries have built over many generations!" Aggarwal said. Also watch | Stop working long hours × "I agree with Narayan Murthy. Anticipating extraordinary results while investing only ordinary efforts is unrealistic. If you're content with average outcomes, there's no pressure to push yourself further. But, if you aspire exceptional growth, you've to go extra mile & efforts," wrote another user on X, formerly known as Twitter. "Narayan Murthy said it right. I feel even 70 is less. If you aspire to become vishwaguru, you can’t cant wait for gov jobs to be created. Collectively 20-45 yr old age group must strive day & night, employ others to make us reach 3rd spot or $10,000 per capita," another user wrote. But many on the internet denounced Murthy's views. "Just because Narayan Murthy said you must work 70 hours doesn't mean you have to take him seriously. Swipe out on time. Ignore. Chill," wrote a user. "While hard work is important, it's equally crucial to prioritize work-life balance, mental health, and employee well-being. Quality work, not just quantity, should be our focus," wrote another. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

IT billionaire Narayana Murthy suggests 70-hour work week for Indian youth, and internet has this to say

The Indian IT firm, Infosys, has run in a dispute with the UK’s tax agency over a multimillion-pound corporation tax bill. &nbsp;

According to the Telegraph newspaper, the multinational firm—founded by British Prime Minister Rishi Sunak’s father-in-law Narayana Murthy—owes £20 million for a period from 2014 to 2017.&nbsp;

Infosys&nbsp;acknowledged the dispute and said that it had opened an appeal against HM Revenue &amp; Customs’s calculation. It also denied any wrongdoing and added that it disagrees with the tax assessment.&nbsp;

“Infosys&nbsp;provides details of certain ongoing disputes with various regulatory authorities, including this specific tax matter with HMRC,” a spokesman was quoted as saying.&nbsp;

“The company has filed an appeal against a tax assessment in the UK and obtained a stay on the payment of the tax demand from HMRC.”&nbsp;

A spokeswoman for HMRC said, “We cannot comment on identifiable taxpayers.”&nbsp;

<h2>UK PM Rishi Sunak sacks Nadhim Zahawi, BBC Chief next?</h2>

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The development comes days after Sunak axed Nadhim Zahawi as Conservative Party chairman over his tax affairs. &nbsp;

It was found that Zahawi committed seven breaches of the ministerial code through his repeated failure to disclose HMRC’s investigation into him and the details of the settlement they agreed, including a penalty for tax avoidance. Sunak is still&nbsp;facing scrutiny&nbsp;over his handling of the affair.&nbsp;

Though Narayan Murthy quit Infosys in 2014 following a clash with the company’s subsequent leadership, his daughter and Sunak’s wife Akshata Murty still owns just over 0.9 per cent of the Bangalore-based company.&nbsp;

In April last year, local media reported that Akshata saved millions of pounds while living in No 11 by using non-dom status to minimise her tax bill. &nbsp;

The tax break, which costs thousands of pounds to maintain, means that a person can be a UK resident but only pay tax on the British – rather than worldwide – income. Murty resigned her non-dom status for income tax purposes shortly afterward, according to Guardian newspaper.&nbsp;

(With inputs from agencies)&nbsp;

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The Indian IT firm, Infosys, has run in a dispute with the UK’s tax agency over a multimillion-pound corporation tax bill. According to the Telegraph newspaper, the multinational firm—founded by British Prime Minister Rishi Sunak’s father-in-law Narayana Murthy—owes £20 million for a period from 2014 to 2017.

The Indian IT firm, Infosys, has run in a dispute with the UK’s tax agency over a multimillion-pound corporation tax bill. According to the Telegraph newspaper, the multinational firm—founded by British Prime Minister Rishi Sunak’s father-in-law Narayana Murthy—owes £20 million for a period from 2014 to 2017. Infosys acknowledged the dispute and said that it had opened an appeal against HM Revenue & Customs’s calculation. It also denied any wrongdoing and added that it disagrees with the tax assessment. “Infosys provides details of certain ongoing disputes with various regulatory authorities, including this specific tax matter with HMRC,” a spokesman was quoted as saying. “The company has filed an appeal against a tax assessment in the UK and obtained a stay on the payment of the tax demand from HMRC.” A spokeswoman for HMRC said, “We cannot comment on identifiable taxpayers.” UK PM Rishi Sunak sacks Nadhim Zahawi, BBC Chief next? The development comes days after Sunak axed Nadhim Zahawi as Conservative Party chairman over his tax affairs. It was found that Zahawi committed seven breaches of the ministerial code through his repeated failure to disclose HMRC’s investigation into him and the details of the settlement they agreed, including a penalty for tax avoidance. Sunak is still facing scrutiny over his handling of the affair. Though Narayan Murthy quit Infosys in 2014 following a clash with the company’s subsequent leadership, his daughter and Sunak’s wife Akshata Murty still owns just over 0.9 per cent of the Bangalore-based company. In April last year, local media reported that Akshata saved millions of pounds while living in No 11 by using non-dom status to minimise her tax bill. The tax break, which costs thousands of pounds to maintain, means that a person can be a UK resident but only pay tax on the British – rather than worldwide – income. Murty resigned her non-dom status for income tax purposes shortly afterward, according to Guardian newspaper. (With inputs from agencies) WATCH WION LIVE HERE:

Infosys, founded by PM Sunak’s father-in-law, in tax dispute with UK authorities  

In the wake of accusations levelled against Rishi Sunak over the alleged Russian link, Indian IT firm behemoth Infosys has announced to move its business out of the Russian market.

There has been growing pressure on UK’s Finance Minister Rishi Sunak over Infosys, the company co-founded by his father-in-law, not moving out of Russia following the Ukrainian war.

He has also been facing pressure over his wife Akshata Murty, the daughter of Infosys’ co-founder, Narayan Murthy, reportedly holding 0.9 per cent shares of the firm.

It has been alleged that she did not pay tax on earnings from outside Britain, news agency Reuters reported.

On Wednesday, the company announced that it was "transitioning" out of the Russian market.

During a media briefing, Infosys chief executive and managing director Salil Parekh said, “Given what is going on in the region, we have started to transition all of our work from our centres in Russia to our centres outside Russia."

"We have no work with any Russian client today and we have no plans for any work with any Russian client going ahead," he added.

Parekh said the company was "very concerned" about the situation in Ukraine and had committed $1 million in humanitarian aid.

Infosys has been facing heat to cease operations after many IT firms suspended their operations. It had been maintaining "a small team... based out of Russia that services some of our global clients" until now.

<a href="https://www.wionews.com/world/ukraine-russia-war-rishi-sunaks-wife-akshata-murthy-under-scanner-over-infosys-shares-467642">Also read |&nbsp;Ukraine-Russia war: Rishi Sunak's wife Akshata Murthy under scanner over Infosys shares</a>

Notably, during an interview to Sky News, he was whether his family was “potentially benefiting” from Russian President Vladimir Putin’s regime, to which Sunak replied, “I don’t think that’s the case, and as I said the operations of all companies are up to them.

“We’ve put in place significant sanctions and all the companies we are responsible for are following those as they rightly should, sending a very strong message to Putin’s aggression," he had replied.

Watch |&nbsp;Gravitas: Rishi Sunak grilled over alleged Russia link

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(With inputs from agencies)

In the wake of accusations levelled against Rishi Sunak over the alleged Russian link, Indian IT firm behemoth Infosys has announced to move its business out of the Russian market.

In the wake of accusations levelled against Rishi Sunak over the alleged Russian link, Indian IT firm behemoth Infosys has announced to move its business out of the Russian market. There has been growing pressure on UK’s Finance Minister Rishi Sunak over Infosys, the company co-founded by his father-in-law, not moving out of Russia following the Ukrainian war. He has also been facing pressure over his wife Akshata Murty, the daughter of Infosys’ co-founder, Narayan Murthy, reportedly holding 0.9 per cent shares of the firm. It has been alleged that she did not pay tax on earnings from outside Britain, news agency Reuters reported. On Wednesday, the company announced that it was "transitioning" out of the Russian market. During a media briefing, Infosys chief executive and managing director Salil Parekh said, “Given what is going on in the region, we have started to transition all of our work from our centres in Russia to our centres outside Russia." "We have no work with any Russian client today and we have no plans for any work with any Russian client going ahead," he added. Parekh said the company was "very concerned" about the situation in Ukraine and had committed $1 million in humanitarian aid. Infosys has been facing heat to cease operations after many IT firms suspended their operations. It had been maintaining "a small team... based out of Russia that services some of our global clients" until now. Also read | Ukraine-Russia war: Rishi Sunak's wife Akshata Murthy under scanner over Infosys shares Notably, during an interview to Sky News, he was whether his family was “potentially benefiting” from Russian President Vladimir Putin’s regime, to which Sunak replied, “I don’t think that’s the case, and as I said the operations of all companies are up to them. “We’ve put in place significant sanctions and all the companies we are responsible for are following those as they rightly should, sending a very strong message to Putin’s aggression," he had replied. Watch | Gravitas: Rishi Sunak grilled over alleged Russia link (With inputs from agencies)

Amidst row surrounding UK FM Rishi Sunak & wife Akshata, India’s Infosys exits Russia

Akshata Murthy, the wife of UK chancellor Rishi Sunak and Infosys founder Narayan Murthy's daughter is richer than Queen Elizabeth in the UK, UK media reported.

According to an investigation by British newspaper The Guardian, Rishi Sunak failed to declare his wife Akshata Murthy's multimillion-pound assets which make her richer than Queen Elizabeth.

Akshata owns shares worth £430 million which is approximately Rs 4,200 crore, in Infosys, while the Queen's wealth is roughly £350 million which is about Rs 3,400 crore.

Rishi Sunak is under fire due to UK law which demands every minister to openly declare all their financial details as well as those of family members upon taking office.

This is done to make sure that no conflict of interest arises which ministers execute their duties.

However, a probe has found that Sunak's financial statements mention only his wife's ownership of a small UK-based venture capital firm called Catamaran Ventures.

As per updates, the Akshata Murthy’s shares in Infosys present a conflict as the company is a contractor to the UK government.&nbsp;

But the report suggested that Akshata has undeclared stakes in at least six other UK companies including a £900 million-a-year joint venture with Amazon India.

Based on the report by the newspaper, calls are being made for the UK government ethics watchdog to investigate the allegations against Sunak.

(With inputs from agencies)

Akshata Murthy, the wife of UK chancellor Rishi Sunak and Infosys founder Narayan Murthy's daughter is richer than Queen Elizabeth in the UK, UK media reported. According to an investigation by British newspaper The Guardian, Rishi Sunak failed to declare his wife Akshata Murthy's multimillion-pound assets which make her richer than Queen Elizabeth.

Akshata Murthy, the wife of UK chancellor Rishi Sunak and Infosys founder Narayan Murthy's daughter is richer than Queen Elizabeth in the UK, UK media reported. According to an investigation by British newspaper The Guardian, Rishi Sunak failed to declare his wife Akshata Murthy's multimillion-pound assets which make her richer than Queen Elizabeth. Akshata owns shares worth £430 million which is approximately Rs 4,200 crore, in Infosys, while the Queen's wealth is roughly £350 million which is about Rs 3,400 crore. Rishi Sunak is under fire due to UK law which demands every minister to openly declare all their financial details as well as those of family members upon taking office. This is done to make sure that no conflict of interest arises which ministers execute their duties. However, a probe has found that Sunak's financial statements mention only his wife's ownership of a small UK-based venture capital firm called Catamaran Ventures. As per updates, the Akshata Murthy’s shares in Infosys present a conflict as the company is a contractor to the UK government. But the report suggested that Akshata has undeclared stakes in at least six other UK companies including a £900 million-a-year joint venture with Amazon India. Based on the report by the newspaper, calls are being made for the UK government ethics watchdog to investigate the allegations against Sunak. (With inputs from agencies)

Narayan Murthy's daughter has more assets than Queen Elizabeth II

Indian-origin politician <a href="https://www.wionews.com/world/british-finance-minister-sajid-javid-quits-in-reshuffle-280549">Rishi Sunak replaced Sajid Javi</a>d as Finance Minister of the United Kingdom on Thursday. He was appointed by Prime Minister Boris Johnson in the cabinet reshuffle.

Sunak, the son-in-law of Infosys Co-founder and Indian billionaire&nbsp;Narayana Murthy, will join Home secretary Priti Patel on the top government bench as the Chancellor of the Exchequer.

Before this, Sunak has served as Javid's junior as the Chief Secretary to the Treasury. He was seen as a rising star within the Cabinet while he working with Javid.

As he takes charge of the second most important government position in UK, Sunak will move into No. 11 Downing Street, next door to the Prime Minister's Office.

The MP for Richmond in Yorkshire first entered the UK Parliament in 2015 and has fast risen up the Conservative Party ranks as a staunch Brexiteer who had back Johnson's strategy to leave the European Union (EU).&nbsp;

Sunak was regularly put forward by the government to do media interviews and stood in for Johnson in some televised debates during last year's election campaign.

Born in the UK,&nbsp;Sunak's mother was a pharmacist who ran a local pharmacy shop while his father was a National Health Service (NHS) general practitioner.&nbsp;

Sunak&nbsp;attended the prestigious Winchester College before going on to study Politics, Philosophy and Economics at Oxford University. He also has an MBA from Stanford University in the United States.

&nbsp;Before entering politics he worked for investment bank Goldman Sachs and a hedge fund, then co-founded a 1-billion pound global investment firm.&nbsp;

"From working in my mum's tiny chemist shop to my experience building large businesses, I have seen how we should support free enterprise and innovation to ensure Britain has a stronger future," Sunak had said during the Brexit referendum.

He strongly believes that small businesses in the UK would flourish as a result of Brexit as the "vast majority of British businesses (94 per cent) don't have anything to do with the EU, but they are still subject to all EU law".

(With inputs from agencies)

Indian-origin politician Rishi Sunak replaced Sajid Javid as Finance Minister of the United Kingdom on Thursday. He was appointed by Prime Minister Boris Johnson in the cabinet reshuffle.

Indian-origin politician Rishi Sunak replaced Sajid Javid as Finance Minister of the United Kingdom on Thursday. He was appointed by Prime Minister Boris Johnson in the cabinet reshuffle. Sunak, the son-in-law of Infosys Co-founder and Indian billionaire Narayana Murthy, will join Home secretary Priti Patel on the top government bench as the Chancellor of the Exchequer. Before this, Sunak has served as Javid's junior as the Chief Secretary to the Treasury. He was seen as a rising star within the Cabinet while he working with Javid. As he takes charge of the second most important government position in UK, Sunak will move into No. 11 Downing Street, next door to the Prime Minister's Office. The MP for Richmond in Yorkshire first entered the UK Parliament in 2015 and has fast risen up the Conservative Party ranks as a staunch Brexiteer who had back Johnson's strategy to leave the European Union (EU). Sunak was regularly put forward by the government to do media interviews and stood in for Johnson in some televised debates during last year's election campaign. Born in the UK, Sunak's mother was a pharmacist who ran a local pharmacy shop while his father was a National Health Service (NHS) general practitioner. Sunak attended the prestigious Winchester College before going on to study Politics, Philosophy and Economics at Oxford University. He also has an MBA from Stanford University in the United States. Before entering politics he worked for investment bank Goldman Sachs and a hedge fund, then co-founded a 1-billion pound global investment firm. "From working in my mum's tiny chemist shop to my experience building large businesses, I have seen how we should support free enterprise and innovation to ensure Britain has a stronger future," Sunak had said during the Brexit referendum. He strongly believes that small businesses in the UK would flourish as a result of Brexit as the "vast majority of British businesses (94 per cent) don't have anything to do with the EU, but they are still subject to all EU law". (With inputs from agencies)

From working in chemist shop to becoming UK's new finance minister - Who is Rishi Sunak?

Infosys co-founder N R Narayana Murthy on Thursday urged the countrymen to first identify themselves as Indians and rise above states, religion and caste.

Speaking at an event in Gorakhpur, Narayana Murthy said, " While it's easy to drape ourselves in our national flag and shout 'Mera Bharat Mahaan' or 'Jai Ho', it is difficult to practice values. We have to identify ourselves as Indians first and rise above states, religion and caste."

Speaking further he asked the people to shun away jingoism and added, "Our governments have to become more citizen-friendly and remove obstacles to entrepreneurs to create larger and larger number of jobs. Our economic policies have to be less populist and more based on expertise."

The Infosys co-founder also added that the investor's confidence was at a historic high in the country.

"Our economy is growing at 6 to 7 per cent this year. India has become the software development centre of the world. Our foreign exchange reserve has crossed 400 billion dollar. Investor confidence is at a historic high, " he said.

Infosys co-founder N R Narayana Murthy on Thursday urged the countrymen to first identify themselves as Indians and rise above states, religion and caste. Speaking at an event in Gorakhpur, Narayana Murthy said, " While it's easy to drape ourselves in our national flag and shout 'Mera Bharat Mahaan' or 'Jai Ho', it is difficult to practice values.

Infosys co-founder N R Narayana Murthy on Thursday urged the countrymen to first identify themselves as Indians and rise above states, religion and caste. Speaking at an event in Gorakhpur, Narayana Murthy said, " While it's easy to drape ourselves in our national flag and shout 'Mera Bharat Mahaan' or 'Jai Ho', it is difficult to practice values. We have to identify ourselves as Indians first and rise above states, religion and caste." Speaking further he asked the people to shun away jingoism and added, "Our governments have to become more citizen-friendly and remove obstacles to entrepreneurs to create larger and larger number of jobs. Our economic policies have to be less populist and more based on expertise." The Infosys co-founder also added that the investor's confidence was at a historic high in the country. "Our economy is growing at 6 to 7 per cent this year. India has become the software development centre of the world. Our foreign exchange reserve has crossed 400 billion dollar. Investor confidence is at a historic high, " he said.

Identify as Indians first and rise above states, religion, caste: Infosys co-founder N R Narayana Murthy

Infosys has announced the appointment of Salil S Parekh as the company&#39;s new chief executive.

His appointment as the new CEO and MD will be effective from January 2, 2018.&nbsp;

He has been given a term of five years.&nbsp;

The announcement was made by Kiran Mazumdar-Shaw, the chairperson of the nomination and remuneration committee at the IT company.

He said that Parekh was the top choice from a pool of highly qualified candidates.&nbsp;&quot;His strong track record and extensive experience&quot;&nbsp; has made him the new leader at Infosys.&nbsp;

Parekh has a masters degree in Computer Science and Mechanical Engineering from Cornell University. He did his Bachelor in Aeronautical Engineering from the Indian Institute of Technology, Bombay.

Chairman Infosys&#39; board, Nandan Nilekani in a filing on the Bombay Stock Exchange said &quot;We are delighted to have Salil joining as the CEO and MD of Infosys. He has nearly three decades of global experience in the IT services industry. He has a strong track record of executing business turnarounds and managing very successful acquisitions,&quot;

Parekh will replace U B Pravin Rao.

Rao has been re-designated as chief operating officer from January 2.&nbsp;

Rao was serving as the interim CEO after the former CEO Vishal Sikka&#39;s sudden exit in August.&nbsp;

Vishal Sikka announced his sudden exit from the company after a drawn-out public spat with the company&#39;s founder-Narayan Murthy.&nbsp;

Infosys has been caught in a nasty exchange between its board and founders led by N R Narayana Murthy.

The board had blamed Murthy for the&nbsp;<a href="http://www.wionews.com/business-economy/vishal-sikka-resigns-as-md-ceo-of-infosys-to-be-executive-vice-chairman-19151" target="_blank">exit of Vishal Sikka</a>.

After the exit of Sikka , Infosys has appointed&nbsp;<a href="http://www.wionews.com/business-economy/infosys-shares-up-after-nandan-nilekanis-comeback-rumours-19424">Nandan Nilekani as its non-executive chairman</a>.

This is the second time that the IT Company has appointed an outsider for the job.&nbsp;

Sikka was the first outsider to be appointed as the CEO of the Indian multinational company.&nbsp;

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Parekh has a masters degree in Computer Science and Mechanical Engineering from Cornell University. He did his Bachelor in Aeronautical Engineering from the Indian Institute of Technology, Bombay

Infosys has announced the appointment of Salil S Parekh as the company's new chief executive. His appointment as the new CEO and MD will be effective from January 2, 2018. He has been given a term of five years. The announcement was made by Kiran Mazumdar-Shaw, the chairperson of the nomination and remuneration committee at the IT company. He said that Parekh was the top choice from a pool of highly qualified candidates. "His strong track record and extensive experience" has made him the new leader at Infosys. Parekh has a masters degree in Computer Science and Mechanical Engineering from Cornell University. He did his Bachelor in Aeronautical Engineering from the Indian Institute of Technology, Bombay. Chairman Infosys' board, Nandan Nilekani in a filing on the Bombay Stock Exchange said "We are delighted to have Salil joining as the CEO and MD of Infosys. He has nearly three decades of global experience in the IT services industry. He has a strong track record of executing business turnarounds and managing very successful acquisitions," Parekh will replace U B Pravin Rao. Rao has been re-designated as chief operating officer from January 2. Rao was serving as the interim CEO after the former CEO Vishal Sikka's sudden exit in August. Vishal Sikka announced his sudden exit from the company after a drawn-out public spat with the company's founder-Narayan Murthy. Infosys has been caught in a nasty exchange between its board and founders led by N R Narayana Murthy. The board had blamed Murthy for the exit of Vishal Sikka. After the exit of Sikka , Infosys has appointed Nandan Nilekani as its non-executive chairman. This is the second time that the IT Company has appointed an outsider for the job. Sikka was the first outsider to be appointed as the CEO of the Indian multinational company.

Salil S Parekh to take charge as Infosys CEO and MD from January 2

India&#39;s second-biggest IT firm Infosys said on Saturday it will buy back shares worth up to 130 billion rupees ($2 billion), a day after Vishal Sikka resigned as chief executive after a long-running feud with the company&#39;s founders.

The board of Bengaluru-headquartered Infosys approved the repurchase of 113 million shares at 1,150 rupees apiece, the company said in a stock exchange filing, returning cash to investors at a substantial premium to Friday&#39;s closing price of 923.25 rupees.

It is also at a premium of 17.9 per cent to closing price on Thursday, the day the company informed the exchanges about the board meeting to consider a buyback.

The announcement of the company&#39;s first-ever buyback could offer at least some respite to Infosys shareholders on Monday after the value of their holdings fell nearly 10 per cent on Friday following Sikka&#39;s surprise exit.

&quot;If the overall market sentiment is good, you could see a 4-5 per cent recovery looking at this price,&quot; said Arun Kejriwal, founder of Kejriwal Research &amp; Investment Services.

A senior official at state-run Life Insurance Corp (LIC), which owns a 7 per cent stake in Infosys, said they were closely monitoring the situation at the company and were looking to meet with the management before deciding to participate in the buyback.

Friday&#39;s sell-off prompted three U.S. law firms specializing in class action lawsuits to announce that they are probing potential securities claims on behalf of Infosys investors that have suffered losses.

In a statement late on Friday, New York-based Rosen Law Firm called on aggrieved shareholders to come forward and said that it was investigating whether &quot;Infosys may have issued materially misleading business information to the investing public.&quot;

The other two firms investigating claims are Goldberg Law and Pomerantz LLP, which said they were probing whether Infosys or any of its officers, or directors engaged in securities fraud or other unlawful business practices, in light of the allegations of governance lapses made by founder executives against the board of the company.

Infosys&#39; American Depositary Receipts closed over 7 per cent lower at $14.79 Friday on the Nasdaq.

Infosys was not immediately available for comment on statements made by the US-based law firms.

Sikka, the first non-founder chief executive of the company, announced his sudden resignation following a protracted war of words with the founders group, led by Narayana Murthy.

His replacement will take on the task of improving the company&#39;s fortunes at a time when the $150 billion Indian IT services sector is facing a raft of challenges.

&quot;The share buyback is unlikely to soothe investor sentiment,&quot; said R K Gupta, managing director at Taurus Asset Management which owns shares in Infosys.

&quot;What will matter in the long run is how well a new management team can lead the company and quickly tap the market for transformation services such as cloud.&quot;

Bigger, cash-rich rival Tata Consultancy Services announced a buyback of up to 160 billion rupees earlier this year.

The decision came a day after company's chief executive officer Vishal Sikka announced his sudden resignation

India's second-biggest IT firm Infosys said on Saturday it will buy back shares worth up to 130 billion rupees ($2 billion), a day after Vishal Sikka resigned as chief executive after a long-running feud with the company's founders. The board of Bengaluru-headquartered Infosys approved the repurchase of 113 million shares at 1,150 rupees apiece, the company said in a stock exchange filing, returning cash to investors at a substantial premium to Friday's closing price of 923.25 rupees. It is also at a premium of 17.9 per cent to closing price on Thursday, the day the company informed the exchanges about the board meeting to consider a buyback. The announcement of the company's first-ever buyback could offer at least some respite to Infosys shareholders on Monday after the value of their holdings fell nearly 10 per cent on Friday following Sikka's surprise exit. "If the overall market sentiment is good, you could see a 4-5 per cent recovery looking at this price," said Arun Kejriwal, founder of Kejriwal Research & Investment Services. A senior official at state-run Life Insurance Corp (LIC), which owns a 7 per cent stake in Infosys, said they were closely monitoring the situation at the company and were looking to meet with the management before deciding to participate in the buyback. Friday's sell-off prompted three U.S. law firms specializing in class action lawsuits to announce that they are probing potential securities claims on behalf of Infosys investors that have suffered losses. In a statement late on Friday, New York-based Rosen Law Firm called on aggrieved shareholders to come forward and said that it was investigating whether "Infosys may have issued materially misleading business information to the investing public." The other two firms investigating claims are Goldberg Law and Pomerantz LLP, which said they were probing whether Infosys or any of its officers, or directors engaged in securities fraud or other unlawful business practices, in light of the allegations of governance lapses made by founder executives against the board of the company. Infosys' American Depositary Receipts closed over 7 per cent lower at $14.79 Friday on the Nasdaq. Infosys was not immediately available for comment on statements made by the US-based law firms. Sikka, the first non-founder chief executive of the company, announced his sudden resignation following a protracted war of words with the founders group, led by Narayana Murthy. His replacement will take on the task of improving the company's fortunes at a time when the $150 billion Indian IT services sector is facing a raft of challenges. "The share buyback is unlikely to soothe investor sentiment," said R K Gupta, managing director at Taurus Asset Management which owns shares in Infosys. "What will matter in the long run is how well a new management team can lead the company and quickly tap the market for transformation services such as cloud." Bigger, cash-rich rival Tata Consultancy Services announced a buyback of up to 160 billion rupees earlier this year.

Infosys to buyback shares worth up to 130 billion rupees

Infosys Friday (August 18)&nbsp;rebutted the fresh charges by founder NR Narayana Murthy, and said&nbsp;suggestions that world-renowned law firms connived&nbsp;with the board twice to overlook alleged &quot;misdeeds&quot; of a CEO and give a clean chit were &quot;completely untenable&quot;. 
 
The comments came after Murthy said that several shareholders, who had read the whistle-blower report, had told him that an &quot;impartial and objective investigation&quot; did&nbsp;not happen in the manner in which Infosys&#39; probe was conducted. 
 
Infosys Chairman R Seshasayee rubbished the claims that a probe had been conducted by world renowned firms. 
 
&quot;... To suggest that world renowned law and forensic firms will connive with the board, not once but twice...And overlook something which is a misdeed and submit a clean report, to our mind, is completely untenable,&quot; Seshasayee said. 
 
He added that the board did all it could to look into whistle blower complaints of corporate governance lapses, particularly those related to acquisition of Panaya. 
 
&quot;It is the job of the board (Infosys) to enquire and make sure that there is indeed no such misdeed. And that is precisely what the board did,&quot; he said. 
 
In a day of high drama at Infosys, CEO Vishal Sikka quit and the board squarely blamed Murthy&#39;s &quot;continuous assault&quot; for his exit. 
 
The board, which has been locked in a confrontation with some of the founders over the past quarters, also alleged that Murthy&#39;s recent letter contained factual inaccuracies and that his &quot;misguided campaign&quot; was damaging the company. 
 
Murthy in a statement had said that he was not seeking &quot;any money, position for children, or power&quot;, and that his concern primarily was the deteriorating standard of corporate governance at Infosys. 
 
Murthy also released the contents of his letter to advisors dated August 14, 2017 where he had said that he did not wish to comment on Sikka&#39;s work, and that his concerns are around governance at Infosys. 
 
&quot;I believe that the fault lies with the current board ... We just want the board to protect the institution rather than protecting some individuals like the board is doing today,&quot; Murthy had said in his mail to advisors. 
 
Murthy also stressed that he did not want Infosys board to &quot;drive the institution to death&quot; through serious governance &quot;deficits&quot;. 
 
During the conference today, Seshasayee said that the board had looked into anonymous whistle blower complaints on three occasions and that investigation had not found evidence of wrongdoing on any of the occasion. 
 
Defending the decision to have a board-initiated investigation, Seshasayee argued that giving shareholders the task of taking up anonymous complaints or letting them appoint committee for probe was &quot;the best way to destroy an organisation&quot;. 
 
Disbelieving reports of globally renowned and independent investigating agencies would be akin to saying that no one can be trusted, he pointed out. 
 
&quot;Nothing has come out of the investigation,&quot; he maintained. 
 
Infosys co-chairman Ravi Venkatesan said that succession planning was priority for board, and that it was important that incoming CEO buys into Infosys&#39; vision and culture and is people-oriented. 
 
To a specific question, Venkatesan said he is not in contention for the CEO&#39;s role.&nbsp;

Infosys said suggestions that world-renowned law firms connived?with the board twice to overlook alleged 'misdeeds' of a CEO and give a clean chit were 'completely untenable'

Infosys Friday (August 18) rebutted the fresh charges by founder NR Narayana Murthy, and said suggestions that world-renowned law firms connived with the board twice to overlook alleged "misdeeds" of a CEO and give a clean chit were "completely untenable". The comments came after Murthy said that several shareholders, who had read the whistle-blower report, had told him that an "impartial and objective investigation" did not happen in the manner in which Infosys' probe was conducted. Infosys Chairman R Seshasayee rubbished the claims that a probe had been conducted by world renowned firms. "... To suggest that world renowned law and forensic firms will connive with the board, not once but twice...And overlook something which is a misdeed and submit a clean report, to our mind, is completely untenable," Seshasayee said. He added that the board did all it could to look into whistle blower complaints of corporate governance lapses, particularly those related to acquisition of Panaya. "It is the job of the board (Infosys) to enquire and make sure that there is indeed no such misdeed. And that is precisely what the board did," he said. In a day of high drama at Infosys, CEO Vishal Sikka quit and the board squarely blamed Murthy's "continuous assault" for his exit. The board, which has been locked in a confrontation with some of the founders over the past quarters, also alleged that Murthy's recent letter contained factual inaccuracies and that his "misguided campaign" was damaging the company. Murthy in a statement had said that he was not seeking "any money, position for children, or power", and that his concern primarily was the deteriorating standard of corporate governance at Infosys. Murthy also released the contents of his letter to advisors dated August 14, 2017 where he had said that he did not wish to comment on Sikka's work, and that his concerns are around governance at Infosys. "I believe that the fault lies with the current board ... We just want the board to protect the institution rather than protecting some individuals like the board is doing today," Murthy had said in his mail to advisors. Murthy also stressed that he did not want Infosys board to "drive the institution to death" through serious governance "deficits". During the conference today, Seshasayee said that the board had looked into anonymous whistle blower complaints on three occasions and that investigation had not found evidence of wrongdoing on any of the occasion. Defending the decision to have a board-initiated investigation, Seshasayee argued that giving shareholders the task of taking up anonymous complaints or letting them appoint committee for probe was "the best way to destroy an organisation". Disbelieving reports of globally renowned and independent investigating agencies would be akin to saying that no one can be trusted, he pointed out. "Nothing has come out of the investigation," he maintained. Infosys co-chairman Ravi Venkatesan said that succession planning was priority for board, and that it was important that incoming CEO buys into Infosys' vision and culture and is people-oriented. To a specific question, Venkatesan said he is not in contention for the CEO's role.

Infosys refutes Narayan Murthy's charges of Vishal Sikka's 'misdeeds'

The dispute between the founders and the board of India&#39;s second largest software services company Infosys Ltd over governance issues spilled into public view again as founder NR&nbsp;Narayana Murthy criticised a salary hike given to Chief Operating Officer Pravin Rao.

In a letter that was released to media, Murthy criticised the steep rise in Rao&#39;s salary.

&quot;Giving nearly 60 percent to 70 percent increase in compensation for a top level person (even including performance-based variable pay) when the compensation for most of the employees in the company was increased by just 6 percent to 8 percent is, in my opinion, not proper. This is grossly unfair to the majority of the Infosys employees...,&quot; said Murthy in the letter.

&quot;The impact of such a decision will likely erode the trust and faith of the employees in the management and the board,&quot; added Murthy.

Infosys declined to comment on Murthy&#39;s letter when contacted by Reuters.

According to a stock exchange filing by the company, only 24 percent of promoter shares voted on a resolution seeking a 35 percent rise in Rao&#39;s compensation, and they all voted for the resolution. (http://bit.ly/2nuHy2e)

The company had sought to reassure investors and analysts in February that it was not being distracted by the dispute with its founders over how the company was being managed.

The company&#39;s founders still own 12.75 percent of Infosys. Led by Murthy, they had earlier questioned the pay rise granted to chief executive Vishal Sikka and also the size of severance payouts given to others, including former finance head Rajiv Bansal.&nbsp;

(Reuters)

Says 60-70% pay hikes for higher-ups is improper when other workers only get 6-8%

The dispute between the founders and the board of India's second largest software services company Infosys Ltd over governance issues spilled into public view again as founder NR Narayana Murthy criticised a salary hike given to Chief Operating Officer Pravin Rao. In a letter that was released to media, Murthy criticised the steep rise in Rao's salary. "Giving nearly 60 percent to 70 percent increase in compensation for a top level person (even including performance-based variable pay) when the compensation for most of the employees in the company was increased by just 6 percent to 8 percent is, in my opinion, not proper. This is grossly unfair to the majority of the Infosys employees...," said Murthy in the letter. "The impact of such a decision will likely erode the trust and faith of the employees in the management and the board," added Murthy. Infosys declined to comment on Murthy's letter when contacted by Reuters. According to a stock exchange filing by the company, only 24 percent of promoter shares voted on a resolution seeking a 35 percent rise in Rao's compensation, and they all voted for the resolution. (http://bit.ly/2nuHy2e) The company had sought to reassure investors and analysts in February that it was not being distracted by the dispute with its founders over how the company was being managed. The company's founders still own 12.75 percent of Infosys. Led by Murthy, they had earlier questioned the pay rise granted to chief executive Vishal Sikka and also the size of severance payouts given to others, including former finance head Rajiv Bansal. (Reuters)

Infosys founder Narayan Murthy slams massive COO pay hike

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