Fri, 03 Apr 2020

SEC dismisses allegations against Infosys

ANI
24 Mar 2020, 16:55 GMT+10

BENGALURU, Karnataka, India - IT software major Infosys said on Tuesday the US Securities and Exchanges Commission (SEC) has given it a clean chit in the whistleblower case.

"The company received notification that the SEC has concluded its investigation and the company does not anticipate any further action on this matter," it said in a statement.

Infosys said it also responded to all inquires received from Indian regulatory authorities. "The company will continue to cooperate with authorities should there be any additional requests for information," it said.

On October 21 last year, the company had 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.

The complainants said they had emails and voice recordings to substantiate the claims.

Infosys' audit committee then retained the services of law firm Shardul Amarchand Mangaldas and Company to investigate the matter. Moreover, the audit committee began consultations with independent internal auditors ErnstYoung. (ANI)

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