Pai also said all the co-founders would collectively take a decision on the return of Nandan Nilekani, a co-founder and former CEO, to the Bengaluru-headquartered IT firm.
"The major investors are talking to Murthy to come to a conclusion on how the company has to be managed in the future," he told PTI.
The former CFO said he expects Infosys Chairman and Co-Chairman to step down in the next few days and a new Chairman and Board to be appointed.
"Many investors are asking for Nilekani to come back... great demand for him to come back; the founders have to meet and decide; right now Murthy is not well," Pai said.
He said all the founders are "together".
On other co-founders not speaking in public on the developments at Infosys, he said, "They don't want to increase the public spectacle; no need for every body to speak. Murthy is their spokesperson. Everybody is together."
"Nilekani coming back (to Infosys) is good, he knows every body, he is approachable," Pai said.
He said because of the "abuse" of Murthy by the Board, all the employees are "angry and upset".
"They (Infosys employees) have gone and met the Co-Chairman and told him that it is not acceptable to abuse Murthy like that. Employees have been very strong in supporting Murthy and have been saying this abuse of Murthy by the Board should stop," Pai said.
Pai said more and more people -- whether they are employees, or investors or others -- are coming to the conclusion that this Board has to go and a new one has to come.
"Nandan coming back as Chairman will be a good thing for the company and settle the issue once and for all," he added.
In a sudden move, Infosys' first non-founder CEO, Vishal Sikka, resigned last week citing slander by founders.
The Infosys board issued a stinging statement blaming Murthy for the CEO's resignation. Infosys has said it will find a CEO replacement latest by March 31, 2018.
On August 18, the day Sikka announced his resignation, investor advisory firm Institutional Investor Advisory Services (IiAS) said it favoured Nilekani being brought back on the board as its non-executive chairman.
Nilekani, who was CEO of the company between 2002 and 2007, has so far refused to comment on the crisis Infosys is facing.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)