Infosys starts talks on selling Panaya
Bengaluru, June 23: Global software major Infosys initiated the process to sell its Panaya subsidiary, a top company official said on Saturday.
"We have initiated the process of discussion to sell Panaya as discussed by the board in April," CEO Salil Parekh told shareholders at the company's 37th Annual General Meeting (AGM) here.
Chief Financial Officer (CFO) M.D. Ranganath told the stakeholders that the company was following due diligence on acquisitions ahead.
"We are monitoring the acquisitions we have done and are following due diligence on acquisitions ahead," he said.
The acquisition of the US-based Panaya for $200 million in February 2015 rocked the company in 2017 after its co-founder N.R. Narayana Murthy red-flagged lack of transparency in the deal and accused the previous board of compromising on governance issues during its negotiations.
The automation technology firm was bought to offer large-scale enterprise software management as a service to the company's global clients.
The controversial deal came to light after an anonymous whistleblower alleged that the company's executives had personal interests in buying it, also resulted in the exit of its first non-promoter Chief Executive Visha Sikka in August 2017.
The company, in April, announced its decision to sell Panaya by March 2019.
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Barber held for beating man to death over 'bidi' in east Delhi
New Delhi (PTI): A 32-year-old barber was arrested on Wednesday for allegedly beating a man to death following an altercation over a 'bidi' in east Delhi's Pandav Nagar area, police said.
A call regarding the incident that occurred near the bus stand road in Shashi Garden was received at 1.24 am, they said.
The victim was identified as Deepak (28), while the accused was Manoj, he added.
According to the police, during an argument, the accused picked up a wooden stick lying nearby and struck the victim repeatedly on the head. Multiple injuries and bruise marks were also found on the victim's forehead.
"Deepak was taken to Lal Bahadur Shastri Hospital, but doctors declared him brought dead," an officer said.
An FIR has been registered and further investigation is underway, the officer added.
