Infosys shares surged after the company made this disclosure
The IT company however said that the anonymous complaints are still under investigation
Infosys today said that it is yet to receive any evidence to corroborate whistleblower complaints against top executives. "With respect to the anonymous complaints, there is no prima facie evidence that the company has received until date to corroborate any of the allegations made. In any event, the Audit Committee retained the services of the law firm, Shardul Amarchand Mangaldas & Co. to investigate the matter," the company said in a statement to stock exchanges.
Infosys however said that the anonymous complaints are still under investigation and the "company is not in a position to determine the concreteness, credibility and materiality of the anonymous complaints."
The IT company also said it will "update the stock exchanges on the basis of key findings of the investigation reports once these are concluded."
"Infosys gives a strong rebuttal to the allegations of the so called "Whistleblower". I would go by the credibility of the Infosys Board rather than an unknown, possibly disgruntled set of employees," market expert Sandip Sabharwal said in a tweet.
Infosys shares took a knock after the Indian software services exporter had said last month that it had received whistleblower complaints against company's executives, alleging "unethical practices". The whistleblower complaints have been placed before the audit committee as per the company’s practice and will be dealt with in accordance with the company’s whistleblowers policy, Infosys had said in a statement.
To ensure independence in these investigations, the CEO and CFO have been recused from this matter, chairman Nandan Nilekani had said in a statement to stock exchanges.
The complaints follow a strong quarterly earnings performance by Infosys, which raised the lower end of its annual revenue forecast on upbeat demand for its digital services.