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Ashok Pandey Questions Intelligroup, Inc. Board and Management Record.


Business Editors

Mr. Ashok Pandey Pandey (Dev. पाण्डेय pāṇḍeya; also पाण्डे pāṇḍey , the founder of Intelligroup Intelligroup, Inc. (NASDAQ: ITIG, OTC) is an information technology (IT) services, solutions and consulting corporation founded in New Jersey, U.S. in 1987. Global
Intelligroup
, Inc., is sending the following letter to Intelligroup, Inc. shareholders:

ASHOK PANDEY

944 Stuart Road

Princeton Princeton, borough (1990 pop. 12,016) and surrounding township (1990 pop. 13,198), Mercer co., W central N.J.; settled late 1600s, borough inc. 1813, township est. 1838. A leading education center, it is the seat of Princeton Univ. , NJ 08540

July July: see month.  9, 2002

Dear Fellow Intelligroup Shareholder:

Intelligroup's annual meeting will finally be held on July 16, 2002. As the Company's founder, a major shareholder and former Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , I am seeking your support for the election of an independent slate of directors to the Intelligroup Board.

Management has delayed the shareholder vote twice now, the last time on the eve On the Eve (Накануне in Russian) is the third novel by famous Russian writer Ivan Turgenev, best known for his short stories and the novel Fathers and Sons.  of the election! Why have they engaged in these delay tactics? Draw your own conclusions. I was ready to vote my proxies last week when the meeting was postponed. A New Jersey court has now ordered that the meeting cannot be postponed again. Your vote will determine the direction of the Company.

Would you want your investment to be in the hands of a management that:
-- Has presided over a steady decline in the value of your investment - shares that once traded at about $15 per share in early 2000 have traded at about $1 per share for most of this year.

-- Is only now taking actions that I proposed long ago. I believe one result of management's failure to take timely action was last year's multi-million dollar loss.

-- Rewards non-performance. In spite of the Company's poor performance, the current Chairman, President and CEO, Mr. Valluripalli, was awarded a $200,000 bonus for 2001 by the very Board he heads.

-- Has a CEO with virtually no economic interest left in the Company. I have been informed that Mr. Valluripalli pledged all of his Intelligroup shares as collateral for a personal loan on which he has defaulted - resulting in the liquidation of his entire stock position in the Company! Do you want to entrust your investment to a CEO who I believe has no investment left in your Company?

-- Would go so far as to sue its largest shareholder just days after the shareholder publicly announced that it would vote against management. I believe this is just a last minute legal maneuver by a desperate Board - the same Board from which one of the founding directors recently resigned because he was uncomfortable with the Board's failure to inform him of events and decisions!


This is not the strong, results-oriented and committed leadership Intelligroup shareholders and employees deserve. I am convinced that it is time for a change at the top. Major shareholders have publicly indicated their support. Many employees - both in management and in the field, people I have known and worked with for years (many of whom I hired) - have indicated privately that they would be delighted to see my slate elected in spite of in opposition to all efforts of; in defiance or contempt of; notwithstanding.

See also: Spite
 the "employee letter" management released publicly.

My nominees are accomplished, experienced individuals. They are leaders. They are independent. Most importantly Adv. 1. most importantly - above and beyond all other consideration; "above all, you must be independent"
above all, most especially
 though, they bring with them the skills and insights Intelligroup needs to compete effectively, and they fully appreciate the key role Intelligroup's many talented and highly capable managers and employees will play in the Company's recovery.

The Annual Meeting is only a few days away. We want your vote. Since time is so short, we ask that you sign, date and return the enclosed en·close   also in·close
tr.v. en·closed, en·clos·ing, en·clos·es
1. To surround on all sides; close in.

2. To fence in so as to prevent common use: enclosed the pasture.
 WHITE proxy in the envelope provided. If your shares are held by your broker or bank, please contact the person responsible for your account and instruct in·struct  
v. in·struct·ed, in·struct·ing, in·structs

v.tr.
1. To provide with knowledge, especially in a methodical way. See Synonyms at teach.

2. To give orders to; direct.

v.
 them to execute the WHITE proxy on your behalf.

Thank you for your support.

Sincerely,

Ashok Pandey
COPYRIGHT 2002 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2002, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Geographic Code:1USA
Date:Jul 9, 2002
Words:581
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