INTRODUCTION
In February 2001, Infosys Technologies Ltd. (Infosys)[1] was voted as the Best Managed Company in Asia in the Information Technology sector, in leading financial magazine Euromoney's Fifth Annual Survey of Best Managed Companies in Asia. Infosys was started in 1981, by seven [2] professional entrepreneurs led by Narayana Murthy, Chairman and CEO of Infosys with an equity capital of Rs.10,000. By 2000, Infosys' market capitalization reached Rs.11 billion and by 2001, Infosys was one of the biggest exporters of software from India. Narayana Murthy had built an organization that was respected across the country, with very strong systems, high ethical values and a nurturing working atmosphere.
With his sound management skills, Narayana Murthy seemed to have taken Infosys to the pinnacle of success in two decades. From a turnover of Rs.1.16 million in 1981, Infosys had grown to a Rs.19 billion company in 2001. (Refer Tables I and II).There were many firsts to Narayana Murthy's credit. Infosys was the first company to push for off-shore software development [3]as against body shopping that was coming during the 1980s. He championed corporate governance in India. Infosys was the first Indian company to follow the US Generally Accepted Accounting Principles (GAAP) disclosure norms before going for a Nasdaq listing in 1999. Narayana Murthy was also the recipient of many awards (Refer Exhibit I).
TABLE I
INFOSYS: KEY STATISTICS (1981-98)
(in Rs million)
Year Turnover Net Profit
1981 1.16 0.38
1987 19.00 3.84
1988 27.50 4.90
1989(9 months) 25.40 &n ...