Shardul Amarchand Mangaldas To Probe Whistleblower Allegations Against Infosys Top Brass: Company Statement

Infosys has hired law firm Shardul Amarchand Mangaldas & Company to independently investigate whistleblower allegations of unethical accounting practice, according to a company statement issued to stock exchanges by Infosys non-executive chairman Nandan Nilekani.

According to the statement, CEO Salil Parekh and CFO Nilanjan Roy have been recused from the matter to ensure independence of the probe.

The statement mentioned that Infosys had not received documents or audio recordings which whistleblowers have shared with the US Securities & Exchange Commission. The company did not set a timeline for the completion of the investigation, but said that a summary of the probe would be shared with its investors.

According to the statement, the anonymous complaints made by whistleblowers were first received by an Infosys board member on September 30.

The company’s audit committee was made aware of the charges on October 10 and the non-executive board members discussed the matter on October 11 when they met to finalize the second quarter results, according to the statement.

The Infosys board began consultations with independent internal auditor EY and updated the statutory auditor Deloitte about the letter as well as the allegations on October 11 itself, the statement said.