Nasscom’s Chandrasekhar said the move was just the latest in a series of steps that the US government was taking, though this one would likely have a significant impact.
Under the terms of the agreement, approximately 3.58 million of the shares to be repurchased will be received by Cognizant on December 14, 2017.
Parekh made his mark at Capgemini because he made it competitive against Indian service providers like Infosys which he will now lead as CEO.
The whistleblower said a settlement as currently envisioned by Infosys would be a sad day for investors.
The Teaneck, New Jersey-headquartered company is one of the few large IT companies to provide a public goal for its Asia business.
The company said it would provide an update on completion of the confidential settlement process.
The founders’ role in the co tops the list of concerns among long-term institutional shareholders, among the reasons for Sikka’s resignation from Infy in August.
Parekh was one of the five global deputy CEOs at Capgemini and was seen as a one of the contenders to succeed Capgemini CEO Paul Hermelin when he retired.
Parekh will be expected to restore stability, stem the tide of senior management exits and return the $10 bn company to industry-level growth.
Under Nandan Nilekani, the board has found a CEO of services vintage in Salil Parekh to lead the company.
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