Infosys' Audit Committee Finds No Merit In Whistleblower Allegations

In a statement on Friday, Infosys Ltd said that its audit committee found no merits in the allegations made by whistleblowers on the chief executive officer (CEO) Salil Parekh and chief financial officer (CFO) Nilanjan Roy of malpractices.

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The statement said, "its Audit Committee of the Board of Directors (the "Audit Committee") has concluded the independent investigation ("investigation") into allegations contained in the anonymous whistleblower complaints the company disclosed on October 21, 2019 ("whistleblower complaints") and determined that the allegations are substantially without merit."

"The Audit Committee concluded that no restatement of previously announced financial statements or other published financial information is warranted," it added.

Last year, two letters from whistlebowlers calling themselves "ethical employees group" surfaced, accusing its Parekh and Roy of "unethical" practices to generate more profits and revenues. The letters were sent to the company's board and the US SEC.

On 22 October, the receipt of such letters was made public, causing a 16 percent fall in its share value in a day.

Shares of Infosys Ltd closed 1.61 percent lower at Rs 739.25 apiece ahead of the results announcement scheduled for the day.