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Infosys climbs 5.5 pc on no prima facie evidence to corroborate whistleblower allegations

Shares of software major Infosys jumped over five per cent on Monday after it said there is no prima facie evidence yet to corroborate any of allegations by the whistleblowers.

Infosys climbs 5.5 pc on no prima facie evidence to corroborate whistleblower allegations
The complaints allege unethical accounting ways to shore up revenue and profit. Image Credit: ANI

Shares of software major Infosys jumped over five percent on Monday after it said there is no prima facie evidence yet to corroborate any of allegations by the whistleblowers. At 12 noon, the stock was trading at Rs 726.10 apiece, up 5.55 percent.

On October 21, the company said it is examining charges made by some unnamed employees who accused Chief Executive Officer Salil Parekh and Chief Financial Officer Nilanjan Roy of following unethical accounting practices to boost revenue and profit for many quarters. "With respect to the anonymous complaints, there is no prima facie evidence that the company has received until the date to corroborate any of the allegations made," it informed the National Stock Exchange (NSE) of India Ltd.

"In any event, the audit committee has retained the services of law firm Shardul Amarchand Mangaldas and Company to investigate the matter. Moreover, even before the appointment of independent investigator, the audit committee began consultations with independent internal auditors Ernst & Young." Infosys said the anonymous complaints were placed before the audit committee on October 10 and non-executive members of the Board on October 11 in accordance with the company's whistleblower practice.

"Given the circumstances at this stage, where there is a complete absence of prima facie evidence and the anonymous complaints are still under investigation, the company is not in a position to determine the concreteness, credibility, and materiality of the anonymous complaints," it said. Infosys is one of India's most respected companies that was set up in 1981 by corporate icons N R Narayana Murthy, Nandan Nilekani, and S Gopalakrishnan among others.

Also Read: UPDATE 3-Massachusetts sues Exxon Mobil, saying company lied about climate change

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)



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