Not received any Sebi request for further audit in whistleblower case: Infosys
PTI, Jan 24, 2020, 3:03 PM IST
New Delhi: Infosys on Friday said it has not received any request from Sebi for conducting further investigation in the whistleblower case where top executives were accused of rigging the company’s balance sheet.
Sources had said market watchdog Securities and Exchange Board of India (SEBI) is likely to call for a forensic audit of books of Infosys as it continues to probe whistleblower allegations of alleged financial irregularities at the company.
Earlier this month, Infosys had said its audit committee had found no evidence of financial impropriety or executive misconduct, virtually giving a clean chit to CEO Salil Parekh and CFO Nilanjan Roy who had been accused by anonymous whistleblowers.
“The company has not received any request from Sebi to conduct further audits as reported by media on January 23, 2020,” Infosys said in a regulatory filing on Friday.
It added that as disclosed previously, the company had received letters from regulatory authorities seeking information on the anonymous whistleblower investigation.
“The company continues to cooperate with regulatory authorities,” Infosys noted.
In one of the letters dated September 20 and signed by ‘Ethical Employees’, it was alleged that Infosys CEO Salil Parikh as well as its Chief Financial Officer Nilanjan Roy engaged in forced revenue recognition from large contracts not adhering to accounting standards. There was another undated complaint also.
In October, Infosys had informed stock exchanges of having received anonymous whistleblower complaints alleging certain unethical practices by the top management. It then started a probe into the matter and roped in external investigators.
The audit committee commissioned a thorough investigation with the assistance of an independent legal counsel.
US market regulator SEC had also initiated a probe into the matter, while Rosen Law Firm had said it was preparing a class-action lawsuit to recover losses suffered by Infosys’ investors in the US.
Shares of Infosys were trading Rs 774.70 apiece on the BSE, down 1.26 per cent from the previous close.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
SEBI mulls separation of non-regulated activities; ‘cross-default’ definition for debenture trustees
Sensex plunges 942 points to settle at nearly 3-month low; RIL, HDFC Bank biggest drag
Equity investors become poorer by Rs 7.37 lakh crore during morning trade as markets tumble
Maruti Suzuki looks to cash in on ‘few lakh marriages’ in Nov to carry festive sales momentum
Mcap of 6 of top-10 most valued firms jump Rs 1 lakh cr; State Bank, ICICI Bank top gainers
MUST WATCH
Latest Additions
Balasore tragedy result of composite negligence of railway officials: Orissa High Court
Actress Kasthuri stokes controversy by her remarks on Telugu-speaking people in TN
Three convicted for 2016 Kollam collectorate blast case
Expect Canadian government to ensure justice, uphold rule of law: PM Modi
Group clash in Indore after argument over bursting firecrackers: NSA slapped against 2 accused
Thanks for visiting Udayavani
You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.