Infosys has announced that its Audit Committee of the Board of Directors has concluded the independent investigation into allegations contained in the whistleblower’s complaints the company disclosed on October 21, 2019 and determined that the allegations are substantially without merit.
The Audit Committee conducted a thorough investigation with the assistance of independent legal counsel Shardul Amarchand Mangaldas & Co. and PricewaterhouseCoopers Private Ltd. The findings of the investigation were adopted by the Board of Directors of the Company. The Audit Committee concluded that no restatement of previously announced financial statements or other published financial information is Warranted.
Infosys’ Audit Committee Chairperson, D. Sundaram, stated, “The Audit Committee took the anonymous whistleblower complaints very seriously and commissioned a thorough investigation with the assistance of independent legal counsel. The Audit Committee determined that there was no evidence of any financial impropriety or executive misconduct.”
Infosys Chairman Nandan Nilekani said, “I am pleased that after a rigorous investigation, the Audit Committee has found no wrongdoing by the Company or its Executives. CEO Salil Parekh and CFO Nilanjan Roy are strong custodians of the Company’s proud heritage. Salil has played a key role in reinvigorating the organization and driving momentum and the Board is confident that he will continue to execute on the company’s new strategic direction successfully.”
Nilekani added, “While our business is focused on delivering solutions for a changing world, for 38 years our culture and values have remained constant. We’ve been guided by a strong value system and a sense of larger purpose. Our values have driven us to set high standards, behave ethically and with integrity, and to strive for excellence relentlessly. Infosys is a model of strong corporate governance, and the company’s handling of these allegations from start to finish has been consistent with these high standards of governance.”
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