Days later, co-founder Nandan Nilekani returned as non-executive chairman of the board. On Saturday, Infosys announced that it had appointed Capgemini's Salil Parekh as CEO. "Infosys is trying to get ahead of the corporate governance issues, trying to clear the slate before the new CEO comes in," said Shriram Subramanian, founder of InGovern Research Services, a corporate governance advisory firm. Infosys' filing did not specify the reason for entering into the settlement agreement, but Subramanian said an official investigation would necessarily have to be disclosed. "Sebi could have had queries but if there was an investigation, Infosys would have needed to disclose it," Subramanian said. Infosys declined to answer questions related to the filing and the reason for the settlement application. "We do not have anything additional to add beyond the disclosure," a spokesperson said in response to ET's email. Analysts said that it is unlikely that this settlement would impact Bansal's severance arbitration.