The dispute between founders and board of India's second largest software services company Infosys Ltd over governance issues spilled into the public again as founder Narayana Murthy criticised a salary hike given to Chief Operating Officer Pravin Rao.
In a letter published in full text by some dailies including Business Standard, Murthy criticised the steep rise in Rao's salary.
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"The impact of such a decision will likely erode the trust and faith of the employees in the management and the board," added Murthy.
According to a stock exchange filing by the company, only 24 percent of promoter votes cast voted in favour of a resolution seeking a 35 percent rise in Rao's compensation, while the rest of the voters abstained.
The development comes after the company in February reassured investors and analysts it was not being distracted by a dispute with its founders over how the company was being managed.
The company's founders, who still own 12.75 percent of the group, had earlier questioned the pay rise granted to chief executive Vishal Sikka and also the size of severance payouts given to others, including former finance head Rajiv Bansal.Also read: Apple Wins Mobile Payment War with Australian Banks
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