Business Companies 10 Jan 2020 Audit committee find ...

Audit committee finds no evidence of finance impropriety: Infosys

PTI
Published Jan 10, 2020, 5:42 pm IST
Updated Jan 11, 2020, 11:07 am IST
Infosys concluded that the allegations in the anonymous whistleblower complaints are substantially without merit
Infosys campus
 Infosys campus

New Delhi: Infosys on Friday said the board's audit committee has completed the independent probe into the anonymous whistleblower allegations and found “no evidence” of financial impropriety or executive misconduct.

“The audit committee took the anonymous whistleblower complaints very seriously and commissioned a thorough investigation with the assistance of independent legal counsel. The audit committee determined that there was no evidence of any financial impropriety or executive misconduct,” Infosys Audit Committee Chairperson D Sundaram said in a statement.

 

The committee has concluded the independent investigation into allegations contained in the anonymous whistleblower complaints the company disclosed on October 21, 2019 and determined that the allegations are substantially without merit, the statement said.

The audit committee conducted a thorough investigation with the assistance of independent legal counsel Shardul Amarchand Mangaldas & Co and PricewaterhouseCoopers, it added.

The Bengaluru-based company, after its October quarter results, had informed the stock exchanges of anonymous whistleblower complaints that had alleged certain unethical practices by the top management.

Speaking about the findings, Infosys Chairman Nandan Nilekani said CEO Salil Parekh and CFO Nilanjan Roy are strong custodians of the company's proud heritage.

“Salil has played a key role in reinvigorating the organisation and driving momentum and the board is confident that he will continue to execute on the company's new strategic direction successfully,” he added.

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