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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.
This is one of the best punishment. When it comes to punishment, no one should be left behind.
This shows work culture of Infosys. It deserves praise.
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.
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.
Truly an admirable company; but not surprising for Infosys, at all.
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.
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 .....
The rules best practiced...what better example can we ask from this idealistic company.
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