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Infosys also said it has not found 'concreteness, credibility and materiality' in the whistleblower complaints (Mint file)
Infosys also said it has not found 'concreteness, credibility and materiality' in the whistleblower complaints (Mint file)

No evidence to corroborate whistleblower allegations, says Infosys

  • At 12:34pm, shares of Infosys were trading up 3.7% at 713.55 on the BSE
  • The company’s audit committee is in consultation with Ernst & Young and has law firm Shardul Amarchand Mangaldas & Co to conduct an independent investigation

New Delhi: Two weeks after the whistleblower’s allegations against Infosys Ltd’s management went public, the company said on Monday there is no prima facie evidence that it has received to corroborate any of the allegations made.

At 12:34pm, shares of Infosys were trading up 3.7% at 713.55 on the BSE.

“In any event, the Audit Committee retained the services of the law firm, Shardul Amarchand Mangaldas & Co. to investigate the matter. Moreover, even before the appointment of the independent investigator, the Audit Committee began consultations with independent internal auditors Ernst & Young. The independent internal auditors were given a mandate to review certain processes on the basis of the allegation in the anonymous complaints," Infosys said in a filing on National Stock Exchange.

Infosys further stated that an anonymous letter with certain allegations and no supporting evidence cannot be regarded as being credible or concrete. Therefore, “the company is not in a position to determine the concreteness, credibility and materiality of the anonymous complaints."

Infosys clarified that it will update the stock exchanges on the basis of key findings of the investigation reports once these are concluded. “The Company will continue making timely disclosures as required under Regulation 30 of LODR Regulations."

An ICICI Securities Ltd report on 29 October said data points shared by Infosys Ltd, do not have any “perceivable inconsistency" as alleged in a whistleblower letter.

Infosys posted a strong set of numbers for the second quarter, and raised the lower end of its fiscal year 2020 revenue guidance, revising it to 9-10% from 8.5-10% earlier, on the back of strong momentum in large deals and market share gains.

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