Infosys to allot shares to its performing techies

Agencies
May 17, 2019

Bengaluru, May 17: The board of software company Infosys on Thursday approved allotting performance-based shares to its techies, linking employee incentives with shareholder value creation.

"The board of directors approved expanded stock ownership programme 2019, linking long-term employee incentives with shareholder value creation," the city-based IT major in a statement.

On shareholders' approval, about 5 crore shares of Rs 5 face value will be allocated to employees on the basis of their performance. The shares for allotment under the stock ownership plan are equivalent to 1.15 per cent of the company's total equity shares.

The $11.8 billion company has been a pioneer in rewarding its employees through stock ownership programmes since 1994, including the 2015 incentive compensation plan.

The grants to employees over seven years will be based on performance criteria of relative total shareholder return (TSR) against an industry peer group, relative TSR against domestic and global indices and operating lead performance metrics such as total revenue and digital revenue growth, and operating margins.

"As we have been a pioneer for many firsts in India, the performance-based stock ownership scheme is a milestone as it sets another benchmark in the industry," Chief Executive Salil Parekh said.

Through the scheme, the firm aims to recognise and reward those techies committed to driving value creation for stakeholders through consistent performance.

"By making employees owners, they get an opportunity to be beneficiaries in the long-term success of the company and realise the results of their work and dedication," Parekh added.

The company's blue-chip scrip gained Rs 17.70 per share to close at Rs 734.20 at the end of Thursday's trading on the BSE as against Wednesday's closing rate of Rs 716.50 and opening price of Rs 716.75.

The software major also granted blue-chip shares valued at Rs. 4 crore at market price to its Chief Operating Officer UB Pravin Rao as an incentive.

"The grant of stock incentives to Rao is to incentivise him to increase shareholder value and drive execution excellence of the business strategy," the city-based IT major in a regulatory filing to the BSE.

On approval by shareholders, Rao will be allotted the shares under the expanded stock ownership programme - 2019 annual performance equity grant.

The stock will vest with him for 12 months from the date of each grant, which is based on the performance criteria mentioned in the 2019 plan.

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News Network
March 15,2020

Bengaluru, Mar 15: The Karnataka government on Saturday issued a statement saying that surveillance and containment measures against the spread of coronavirus have been increased in the state.

"In the wake of coronavirus scare, 104 Arogya Sahayavani (call centre) has reserved 20 lines for receiving calls for COVID-19," read the statement.

It also read that the dedicated seating at the 104 call centre has been increased to 40 and one person form 108 call centre will be responsible for coordinating with the ambulance services.

The statement also read that the government had arranged an orientation for the medical college staff to train them to deal with coronavirus patients.

While six people from the state were reported positive of coronavirus, the Union Ministry of Health, one amongst them was a 76-year-old man from the Kalaburagi region and he died due to co-morbidity.

The state Health Department Commissioner has said that the Telangana government has been notified about the man's death as he was also admitted to a hospital there.

So far, 84 people have been infected with COVID-19 in India.

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News Network
July 25,2020

Chennai, Jul 25: Two weeks after a 62-year-old widow accused him of harassment, including urinating outside her house, the Chennai Police on Saturday registered an FIR against ABVP national president Dr Subbiah Shanmugam.

Dr Shanmugam, Professor and HOD, Department of Surgical Oncology, Kilpauk Medical College and Government Royapettah Hospital, has been booked under sections 271 (disobedience to quarantine rule) and 427 (mischief causing damage) under the Indian Penal Code (IPC) and Tamil Nadu Women Harassment Prevention Act.

The FIR was lodged exactly two weeks after the woman’s relative Balaji Vijayaraghavan filed a complaint with the Adambakkam police accusing Dr Shanmugam of harassing his aunt, who is living alone in her apartment following her husband’s death last year, following an argument over a parking slot. 

The action came after Vijayaraghavan alleged that the police were not filing an FIR due to the ABVP functionary’s “political connections.”

Dr Shanmugam and the woman were living in the same apartment complex in Nanganallur and an argument broke between them over a parking slot.

“He wanted to use our parking lot. We agreed but demanded a nominal charge for using it. He was outraged by our demand and even broke our signboard at the parking lot,” Vijayaraghavan wrote in his complaint.

He also alleged that Dr Shanmugam began harassing her by throwing “pieces of chicken” outside her apartment despite knowing she is a vegetarian.

CCTV footage corroborates with the allegations of urinating outside the residence of the widow. However, the ABVP called the incident as a “malicious and derogatory propaganda” by the Congress’ student wing of NSUI.

"The video shared by NSUI with an allegation of harassment is tampered with and is being used with malafide intentions. The two families have discussed this within their housing society and have already concluded that the harassment allegations were caused due to misunderstandings and are untrue,” ABVP National General secretary Nidhi Tripathi said.

Vijayaraghavan also alleged in his two-page written complaint that the ABVP national president had urinated outside the woman’s apartment gate and had been throwing garbage and used masks at her gate.

In his complaint, Vijayaraghavan also said the family was “concerned about her safety” while asking police to take action against Dr Shanmugam, who he says, “has a bad track record in maintaining rapport with neighbours.”

Also Read: ABVP national president accused of harassing woman, urinating at her doorstep

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coastaldigest.com web desk
May 19,2020

Mangaluru, May 19: Officials at the Karnataka State Natural Disaster Monitoring Centre (KSNDMC) said that Dakshina Kannada, Udupi and Uttara Kannada along with Kodagu, Chikkamagaluru have been alerted about possible heavy rains.

Dr GS Srinivasa Reddy, Director, KSNDMC, said, “Coastal districts have already been witnessing heavy downpour since Monday morning. This will continue for another two days depending on the cyclonic movement along the east coast.”

Until last evening, Haleyangadi and Surathkal in Dakshina Kannada district had received 83 mm and 82.5 mm of rainfall, respectively. Several other areas in Udupi also witnessed heavy rainfall of about 60 to 70 mm rainfall.

The India Meteorological Department (IMD) attributed the rain, which intensified on Monday, to a cyclonic circulation over parts of the Arabian Sea (Comorin area) off the coast of Kerala.

The weather department said the sudden convergence of wind over the peninsular region was due to Super Cyclone Amphan, which is set to barrel into the east coast. The IMD issued an Yellow Alert for coastal Karnataka and Malnad, warning of moderate to heavy rainfall in the next few days.

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