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Infosys fines CEO for breaking rule

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Reuters

Posted online: Tuesday , January 22, 2008 at 06:21:40
Updated: Tuesday , January 22, 2008 at 06:37:46


Bangalore, January 22: Infosys Technologies Ltd has fined its Chief Executive for not reporting on time a change in his share ownership, the company said in a filing with the US Securities and Exchange Commission on Tuesday.

The audit committee of Infosys imposed a fine of Rs 500,000 on S Gopalakrishnan for 'inadvertently failing' to notify the company within one business day following the change in his shareholding as per its insider trading rules.

Gopalakrishnan had inherited 12,800 shares from his mother on Dec. 24, the No. 2 Indian software services exporter said.

Infosys said it had directed the CEO to pay the penalty to a charity and he had complied.

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Punishment by Alfred J. Rebello on 23 Jan 2008

This is one of the best punishment. When it comes to punishment, no one should be left behind.

Infosys- ethics by Ramakant Desai on 23 Jan 2008

This shows work culture of Infosys. It deserves praise.

CEO-Act by Sridhar on 23 Jan 2008

omg, people thinks that these guys have ethics. No, this act is making sure infosys does not land into trouble and pay fines. This is a cover up before they land into trouble.

Infosys by R.K.AGRAWAL on 23 Jan 2008

These type of standards are rare in the corporate world today. There are always double standards for senior management members and for junior employees. I have seen personally, Infosys does not have any difference whether at the time of rewarding their senior or junior employees and also at the time of penalising them for their wrong doings.

Infosys fining the CEO by P.K.Dutta on 22 Jan 2008

Truly an admirable company; but not surprising for Infosys, at all.

They are only following rules by Meghneel Gore on 22 Jan 2008

I think they were more interested in not getting delisted from the stock exchange in the US. This has all been done as per the *rules* and not as per the *ethics* of a company.

Idealism is fine .... but lets be realistic. by SoftWords BigStick on 22 Jan 2008

Post Enron, playing by the rules itself is a significant accomplishment. Let us appreciate this action for what it is worth, instead of searching for any lack of ethics .....

Practiced wht is preached by dipika on 22 Jan 2008

The rules best practiced...what better example can we ask from this idealistic company.

Kalam says N-deal is good, so does Amar & Mu...'Bikini killer' Sobhraj plans to get married...Ambani keen to revive Rupayan studio, Buddha...Delhi hits upon a hip how-to solution: the s...Taken ten

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