Bangalore, India – November 24, 2004
Mr. N. R. Narayana Murthy, Chairman and Chief Mentor of Infosys Technologies Limited (NASDAQ: INFY) today said:
“Infosys has learnt that the sexual harassment lawsuit filed by Ms. Jennifer Griffith, a former employee, against the Company and Mr. Phaneesh Murthy, a former director, has been settled by Mr. Phaneesh Murthy and Ms. Griffith, shortly before the October 29, 2004 trial date set for the lawsuit’s trial. Infosys has now learnt that the settlement agreement was recently signed by the parties to the settlement agreement – Mr. Phaneesh Murthy and Ms. Griffith.
Infosys did not contribute any money to the settlement and was not a signatory to the settlement agreement. However, Infosys has learnt from its insurers’ counsel that the settlement releases Infosys from all claims and liabilities alleged in the lawsuit.
Infosys learnt from its insurers’ counsel that the insurers contributed US$400,000 towards the settlement and this represented 50% of the total settlement payments. The remaining 50% contribution was paid by Mr. Phaneesh Murthy, since Infosys refused to make any contributions to the settlement.
As previously stated the Company has retained all rights against Mr. Phaneesh Murthy and did not release him from any claims it may have against him.”
Mr. Narayana Murthy added “I am glad that we stood by our objective of not contributing to the settlement of this sexual harassment case involving Phaneesh Murthy. ”
Infosys (NASDAQ: INFY) defines, designs and delivers IT-enabled business solutions that help Global 2000 companies win in a Flat World. These solutions focus on providing strategic differentiation and operational superiority to clients. With Infosys, clients are assured of a transparent business partner, world-class processes, speed of execution and the power to stretch their IT budget by leveraging the Global Delivery Model that Infosys pioneered. Infosys has over 1,00,000 employees in over 50 offices worldwide. Infosys is part of the NASDAQ-100 Index and The Global Dow. For more information, visit www.infosys.com
Certain statements in this release related to the Offering constitute forward - looking statements. This Offering is subject to shareholder approval, which may not be obtained. Although the Offering is expected to be made to our equity holders in India, we may be required to exclude certain equity holders outside India to comply with U. S. rules and regulations. Our business is subject to a number of risks and uncertainties that could affect our future operating results including those described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20 - F for the fiscal year ended March 31, 2004 and on Form 6 - K for the quarter ended June 30, 2004 and September 30, 2004. These filings are available at www.sec.gov . Infosys may, from time to time, make additional written and oral forward - looking statements, including statements contained in the company's filings with the Securities and Exchange Commission and our reports to shareholders. The company does not undertake to update any forward - looking statements that may be made from time to time by or on behalf of the company.
For further information, please contact: PR_Global@infosys.com