Business Companies 11 Jan 2020 Infosys probe finds ...

Infosys probe finds no evidence of misconduct after whistleblower complaint

REUTERS
Published Jan 11, 2020, 10:46 am IST
Updated Jan 11, 2020, 11:08 am IST
Company earlier said it expected revenue to grow between 10 pc and 10.5 pc on a constant currency basis in the year ending March 2020.
Bengaluru-headquartered Infosys, which earlier on Friday raised its revenue forecasts due to upbeat demand from Western clients.
 Bengaluru-headquartered Infosys, which earlier on Friday raised its revenue forecasts due to upbeat demand from Western clients.

Bengaluru: India’s second-biggest IT company, Infosys Ltd, said it found no evidence of financial misconduct by its executives following a investigation into whistleblower complaints.

Bengaluru-headquartered Infosys, which earlier on Friday raised its revenue forecasts due to upbeat demand from Western clients, said an audit committee report exonerated Chief Executive Officer Salil Parekh and Chief Financial Officer Nilanjan Roy of all allegations, including accusations that the duo prevented employees from presenting data on large deals.

 

“I’m very happy that CEO Salil Parekh and CFO Nilanjan Roy have emerged from this stronger,” Infosys Chairman Nandan Nilekani told reporters. “The last two years since Salil has been here the company has changed dramatically for the better.”

Parekh took over as Infosys CEO in January 2018, after his predecessor Vishal Sikka quit following a public row with the company’s founder executives amid whistleblower allegations of wrongdoing.

The company earlier said it expected revenue to grow between 10 per cent and 10.5 per cent on a constant currency basis in the year ending March 2020, compared with its previous forecast of between 9 per cent and 10 per cent.

“We continue to see momentum in the market and we have an extremely robust pipeline driven by segment leaders,” CEO Parekh told a news conference.

“With the strength of large deal wins and digital momentum, we were able to clearly see that we have support to raise our guidance.”

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Location: India, Karnataka, Bengaluru




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