Country's second-largest IT major Infosys on Friday has totally rejected the whistleblower complaints that rocked the company’s reputation a couple of months ago.
The report of the company’s audit committee of the Board of Directors has upheld the functioning of the company and its top-rung leaders. After concluding the investigation, the audit committee found that allegations contained in the anonymous whistleblower complaints were substantially without merit.
Infosys’ Audit Committee Chairperson, D. Sundaram, stated, “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.”
In a regulatory filings to the exchanges, the company said that the audit committee conducted a thorough investigation with the aid of independent legal counsel Shardul Amarchand Mangaldas & Co. and PricewaterhouseCoopers Private Ltd.
Infosys Chairman Nandan Nilekani said, “I am pleased that after a rigorous investigation, the Audit Committee has found no wrongdoing by the Company or its Executives. 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 organization and driving momentum and the Board is confident that he will continue to execute on the company’s new strategic direction successfully.”
The findings of the investigation were adopted by the Board of Directors of the Company, the IT major said. The audit committee concluded that no restatement of previously announced financial statements or other published financial information is warranted, it said. 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.