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Infosys shareholders continue to question Panaya’s future

BENGALURU: Infosys shareholders continue to fret over Panaya..

BENGALURU: Infosys shareholders continue to fret over Panaya's future as many of them sought clarity on the Israeli subsidiary's growth opportunities from the company's management at the 38th annual general meeting.

Panaya acquisition was a major bone of contention for corporate governance battle between Infosys founders and Vishal Sikka-led management. Later, the software services exporter put them up as assets for sale since they did not add enough financial value to Infosys' business. Infosys declassified Panaya and Skava since it failed to find the right buyers.

Panaya was bought by Infosys in 2015 for $200 million and saw two rounds of write-down in valuation.

While a set of shareholders asked for explanation on certain accounting numbers of Panaya; others asked about the prospects of Panaya and the company's decision to refocus on integrating it with existing service lines.

"The management has already provided for Rs 850 crore towards Skava and Panaya. Why the investigation report relating to these entities has not been made public. What will happen to the new investment," asked Tamal Kumar Majumadar, one of the shareholders.

ET first reported last week about Infosys' renewed investment in Panaya and appointment of a new CEO.

Infosys chief executive officer Read More – Source

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