According to news reports, markets regulator Securities and Exchange Board of India (Sebi) could seek clarification from the IT major on charges level levelled by the whistle-blower.
On Monday, NYSE-listed Infosys had said it had received whistleblower complaints alleging "unethical practices" by its top executives to boost short-term revenue and profit
EY, Shardul Amarchand to conduct probe; CEO, CFO recuse themselves
"As Infosys is a Nifty stock, the company is widely held in several equity schemes," said a fund manager. According to industry estimates, the stock is held in over 400 MF schemes
This is the sharpest decline for the software exporter since April 2013, shows data compiled by Bloomberg
Further, revenue and cost recognition have not adhered to accounting norms and have been done to improve short-term profitability
P Chidambaram gets bit of court relief and Prime Minister Narendra Modi and Abhijit Banerjee have an "excellent meeting".
The anonymous letter alleges the current management is taking 'unethical' steps to raise short-term revenue and profit.
It might not be a bad idea for a buyout fund to step in and take Infosys out of the glare of the public markets
Infosys Chairman Nandan Nilekani on Tuesday said the company's audit committee will conduct an independent investigation on whistleblower allegations of CEO Salil Parekh and CFO Nilanjan Roy indulging in "unethical practices" to boost short-term revenue and profits. The committee began consultation with independent internal auditors EY, and has retained law firm, Shardul Amarchand Mangaldas & Co. to conduct an independent investigation, Nilekani noted in his statement to the stock exchanges. Nilekani said one board member had received two anonymous complaints on September 30, 2019 - one dated September 20, 2019, titled Disturbing unethical practices and an undated note with the title, Whistleblower Complaint. He said both had been placed before the audit committee on October 10, 2019, and before the non-executive members of the board the following day. "Post the board meeting of October 11, 2019, the audit committee began consultation with the independent internal auditors (Ernst .
From Ogilvy dragging Vivo to court over plagiarism to Tata Steel cutting jobs in Europe, here are the top 10 business headlines on Tuesday
Stock likely to come under more pressure today; audit committee examining anonymous claims
Experts say no significant diversion from past accounting practices reported by the IT firm in recent quarters
The company in a statement on Monday said the whistleblower complaint had been placed before the audit committee as per the company's practices
Reliance Industries on Friday added another feather to its cap by becoming the first Indian firm to hit the Rs 9 trillion market valuation mark in intra-day trade
Industry experts were of the opinion that TCS' focus on large IT outsourcing contracts might be one of the reasons behind the uneven distribution of quarterly revenues
Here's how these three heavyweights look on the technical charts post their respective Q2FY20 results.
Hopefully the momentum at both PhonePe and Paytm will spur more Indian entrepreneurship, feeding a rebirth in India's tech sector not seen since the IT-outsourcing boom two decades ago
Analysts are surprised by the fact that Infosys did not raise the revenue guidance at the upper end despite the confidence of strong order booking
The second half is usually weaker in our sector, which is because of normal seasonality, but overall our deal pipeline remains strong, says Parekh