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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DC beat PBKS by three wickets, keep playoff hopes alive
Dharamsala (PTI): Half-centuries from skipper Axar Patel and David Miller powered Delhi Capitals to a thrilling three-wicket win over Punjab Kings and kept their slim playoff hopes alive in the Indian Premier League here on Monday.
Sent in to bat, Priyansh Arya (56 off 33) and Prabhsimran Singh (18) shared 78 runs off 41 balls for the opening wicket for PBKS.
After their departure, Shreyas Iyer (59 not out off 36 balls) and Cooper Connolly (38 off 27) took responsibility to carry the innings forward as PBKS posted 210 for five.
In reply, DC slipped to 74 for four but Axar (56) and Miller (51) resurrected the chase, while Ashutosh Sharma and Madhav Tiwari completed the task, scoring 216 for seven in 19 overs.
Mitchell Starc (2/57) and Madhav (2/40) picked up two wickets each for DC.
For PBKS, Arshdeep Singh (2/21), Ben Dwarshuis (1/51) and Marcus Stoinis (1/44) were among the wicket-takers.
Brief Scores:
Punjab Kings: 210 for 5 in 20 overs (Shreyas Iyer 59 not out, Priyansh Arya 56; Madhav Tiawai 2/40).
Delhi Capitals: 219 for 7 in 19 overs (Axar Patel 56, David Miller 51; Arshdeep Singh 2/21)
