Infosys shouldn’t follow TCS and buy back shares but spend on 

F uturistic restructuring seemingly unconnected events on presented a momentof truth or choice -- for Infosys, the darling of India's software revolution. One was the announcement in Mumbai that industry leader Tata Consultancy Services  following the footsteps of another industry giant Cognizant had set a Rs 16,000-crore ($2.4 billion) buy back of shares to improve shareholder value. The other was a news conference in Bangalore, where Infosys's co-founder and former CEO Nandan Nilekani shared the stage with Microsoft's Indian-born CEO Satya Nadella to discuss future possibilities in software. Should Infosys spend a good slice of its $5.25 billion (Rs 35,000 crore) cash reserves to buy back its shares, imitating TCS and Cognizant? I should think not because there is a vast vista opening up for Infosys CEO Vishal Sikka, even as he faces pain linked to the company's legacy. Sikka is a beleagured man, with his creative brilliance somewhat challenged by a strange confrontation involving the company's co-founders and former executives. 

He spent Monday writing an email to counter an anonymous whistleblower questioning the value of Sikka's $200 million buyout of Israel-based Panaya in 2015, days after founder CEO N R Narayana Murthy raised questions on the direction Infosys was taking. Vishal Sikka, CEO, Infosys. Reuters Sikka, who had a rockstar reputation as a product builder at global software giant SAP before taking charge of services major Infosys, is just the right man to bring in more innovation into the company, but from all indications, he is being tied down by questions typical of accountants. There have been insinuations of how Sikka paid too much for Panaya and how he was questioned by the now-departed Chief Financial Officer Rajiv Bansal, and then again on how he paid too much to see the severance of the very same CFO. In both instances, Bansal seems to be a hard bargainer, and in both instances, Sikka emerges as a man who can be generous in making strategic long-term choices. Speaking on the TCS buyback, former Infosys CFO Balakrishnan said on Monday that it makes sense for

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