June 14 India's capital markets regulator has
sought details from Infosys Ltd, India's No. 2
software services exporter, about a board meeting held on the
day founder N.R. Narayana Murthy was re-appointed to an
executive role in the company.
Infosys did not disclose the nature of the information
sought by Securities and Exchange Board of India (SEBI).
Market regulator SEBI routinely seeks clarifications from
listed companies without citing reasons, and the requests for
information are not necessarily an indication of an official
"SEBI has sought certain clarifications from us relating to
the Board meeting held on June 1st and we have provided the
same. We will fully co-operate with SEBI and provide all
necessary information in this matter," Infosys said in the
statement to Reuters on Friday.
Murthy returned to Infosys as executive chairman on June 1,
eleven years after he was chief executive of the company, to
help turn around the outsourcing services provider after two
years of disappointing results.
Shares in Infosys had gained 3 percent on May 31, the day
before Murthy's appointment and as the broader NSE index
fell 2.3 percent.
Volumes in call options in Infosys had also
surged on that day, according to Thomson Reuters data.
Infosys had no immediate comment beyond the statement. A
SEBI spokesman wasn't immediately available for comment.
(Reporting By Harichandan Arakali in BANGALORE and Himank
Sharma in MUMBAI; Additional reporting by Nishant Kumar in HONG
KONG; Editing by Rafael Nam and Michael Urquhart)