Infy’s Au­dit Panel Looks into Plaints

The Economic Times - - Disruption: Startups & Tech - Our Bureau

Ben­galuru: In­fosys said its au­dit com­mit­tee was look­ing into the anony­mous com­plaint sent to stock ex­change reg­u­la­tors and me­dia and had be­gun to take steps to in­ves­ti­gate.

All com­plaints are placed be­fore the au­dit com­mit­tee un­der the com­pany’s whistle­blower pol­icy, In­fosys said in its fil­ing to the stock ex­change.

On Sun­day, a com­plainant sent a let­ter to the reg­u­la­tors at the Se­cu­ri­ties and Ex­change Board of In­dia (Sebi) and the US Se­cu­ri­ties and Ex­change Com­mis­sion, al­leg­ing that the Panaya ac­qui­si­tion was over­val­ued and that it was pos­si­ble that some In­fosys ex­ec­u­tives had ben­e­fit­ted from the deal.

In­fosys has de­nied the al­le­ga­tions made in the anony­mous let­ter and stated that no mem­ber of the In­fosys man­age­ment team was in­volved in prior in­vest­ments in Panaya.

The IT firm also said that in­sinua- tions, that peo­ple in the man­age­ment team ben­e­fit­ted from the trans­ac­tion, were mis­lead­ing and slan­der­ous. ET had re­ported that the ac­qui­si­tion of Panaya was at the heart of the com­pany’s cor­po­rate gover­nance trou­bles. For­mer CFO Ra­jiv Bansal, who re­ceived an out­size sev­er­ance pay­ment, was not in favour of the trans­ac­tion, four sources had told ET.

In­fosys has now been at the cen­tre of a gover­nance storm for over a month. In­fosys founder Narayana Murthy said the sev­er­ance pay­ment to Bansal could have the ap­pear­ance of ‘ hush money’. In­fosys has cat­e­gor­i­cally de­nied this and its board held a press con­fer­ence last week to dis­pel doubts. But now, with the anony­mous let­ters, the mat­ters are un­likely to rest. ET has also re­ported that Sebi will seek re­sponses from Infy on the let­ter.

IT co said in­sin­u­a­tions, that peo­ple in man­age­ment team ben­e­fit­ted from trans­ac­tion, were mis­lead­ing and slan­der­ous

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