1 min read.Updated: 07 Nov 2019, 12:48 PM ISTDevansh Sharma
At 1215 pm, Infosys shares were trading at ₹720.95. The shares had closed with gains of 2.4% on Wednesday
Investors reacted positively to Nilekani’s statement that even God couldn’t change the company’s numbers
New Delhi: Shares of Infosys Limited inched higher by over 1% on Thursday, a day after Chairman Nandan Nilekani came out in defence of the company’s management. At 1215 pm, Infosys shares were trading at ₹720.95. The shares had closed with gains of 2.4% on Wednesday as investors reacted positively to Nilekani’s statement that even God couldn’t change the company’s numbers.
Defending the company’s co-founders, Nilekani said, “Infosys has strong processes; even God can’t change the numbers of this company. Our finance team is feeling insulted by these allegations. But I don’t want to bias the investigation," Nilekani, a co-founder of the company, said at an analysts’ meet."
In an exchange filing on October 22, the company had said that one board member received two anonymous complaints on September 20 and September 30, alleging that the company’s CEO Salil Parekh and CFO Nilanjan Roy were using aggressive accounting and hiding information from the auditors in order to boost revenue and margin.
Condemning the allegations, Nilekani said, “These speculations are appalling and seem to be aimed at tarnishing the image of some of the most accomplished and respected individuals. I have deep regard for the life-long contribution of all our co-founders. They have built this institution and have served this company selflessly and even today, remain committed to the long-term success of Infosys. As we have previously stated, the audit committee has appointed an external law firm to conduct an independent investigation into the allegations made in the complaints. We will share the outcome of the investigation at the relevant time with all stakeholders."
Infosys has appointed law firm Shardul Amarchand Mangaldas to investigate the claims.