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.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Cow has unique status, its slaughter can have repercussions on peace: Punjab and Haryana HC
Chandigarh (PTI): The cow is a pious animal and "certain acts" can severely impact peace when they offend beliefs of a "significant population group", the Punjab and Haryana High Court has said while dismissing the anticipatory bail given to a Nuh resident accused of transporting cows for slaughter.
Asif was booked along with two others in April this year under the Haryana Gauvansh Sanrakshan and Gausamvardhan Act, 2015, and the Prevention of Cruelty Act, 1960, for allegedly transporting cows to Rajasthan for slaughter.
"The present offence, apart from its legal implications, is laden with emotional and cultural undertones, given the unique status of the cow in Indian society," Justice Sandeep Moudgil said in an order earlier this month. It was made public on Monday.
"This court cannot remain oblivious to the fact that in a pluralistic society like ours, certain acts, while otherwise private, can have severe repercussions on public peace when they offend the deeply held beliefs of a significant population group," the court said.
The cow is not only a pious animal but also an integral part of India's agrarian economy, the judge said.
According to the state counsel, the petitioner was actively involved in the alleged offence of cow slaughter. Therefore, his custodial interrogation was imperative for a fair and effective investigation, he submitted.
The court said the Constitution does not merely protect rights in abstraction but seeks to build a just, compassionate, and cohesive society.
"Article 51A(g) Constitution of India enjoins every citizen to show compassion to all living creatures. It is in this context that the alleged act of cow slaughter committed repeatedly, deliberately, and provocatively strikes at the core of constitutional morality and social order," said the order.
The court observed that the offence alleged in the present FIR deals with the allegation of slaughtering a cow in conscious defiance of existing law and in utter disregard to the sentiments of the community at large.
'It is evident from the material placed on record that the petitioner is not a first time offender. He is alleged to have previously been involved in three other FIRs pertaining to similar offences.
"In those cases, the petitioner was granted the benefit of bail as a gesture of judicial trust, which appears to have been misused, rather than respected," said the court order.
Anticipatory bail, it said, is a discretionary relief, intended to protect innocent individuals from motivated or arbitrary arrest, not to provide sanctuary to those who repeatedly violate the law with impunity.
Protection of pre-arrest bail should not be granted when the applicant has been shown to be a habitual offender or where his custodial interrogation is necessary for fair investigation, it said.
The court also cited the Supreme Court verdict in the 2005 State of Gujarat vs Mirzapur Moti Kureshi Kassab Jamat case that upheld the constitutional validity of cow slaughter prohibitory laws and recognised the constitutional directive under Article 48 of the Constitution as reflecting the moral and economic ethos of society.
While dismissing the anticipatory bail plea, Justice Moudgil also observed that the court is conscious of the need to safeguard individual liberty.
"But where such liberty is demonstrably misused, and where the petitioner's conduct is indicative of recidivism, the law must respond with firmness. The right to bail is not to be confused with the right to impunity," according to the order.
"Considering the serious nature of the allegations involving offences of moral turpitude, coupled with the fact that the petitioner is a habitual offender with a likelihood of reoffending, this court is of the opinion that no grounds are made out for grant of anticipatory bail," it said.
