This case focuses on the cash holding, capital structure (negative debt) and management of earnings and dividend decisions in a fast growing and profitable IT company. The case is set in August 2014 when the first non-founder CEO takes over charge of the bellwether Indian IT Company, Infosys Ltd. On the occasion one of the suggestions new CEO receives from the former CFOs and co founders is to announce share buy back immediately. They also raise concern over the abrupt change in the leadership with non-founders taking over and demand share buyback to restore the faith of shareowners. The case provides interesting setting to discuss why some companies hold lot of cash, which might lower the returns on equity holders. Thus rises a vital question, what should the company do to shell out excess cash? The former CFO’s who in the past as managers of Infosys defended excessive cash holdings as prudent business sense, now as shareholder put forward strong case of buy back to retire excessive cash holdings. Thus this case provides a rare setting to examine agency issue in context of the capital structure, cash holding and dividend decisions. The case provides ample opportunity to discuss theory and practice of cash holdings and dividend policy from Agency theory lance.