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Mired in controversy relating to its CEO Salil Parekh's alleged corporate governance issues, Infosys has asked the law firm Amarchand Mangaldas and consultancy EY to complete the whistleblower complaints within two weeks.
Mired in controversy relating to its CEO Salil Parekh's alleged corporate governance issues, Infosys has asked the law firm Amarchand Mangaldas and consultancy EY to complete the whistleblower complaints within two weeks, The Economic Times reported.
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Parekh and CFO Nilanjan Roy have been accused of financial malpractices by some employees of Infosys dubbed as "ethical employees".
On October 21, the audit committee retained the law firm of Shardul Amarchand Mangaldas to conduct an independent investigation into the allegations. Infosys also published a letter by Nandan Nilekani that gave a detailed timeline of events in question.
ET quoted a source as saying, the company has asked investigators to complete the probe within the next fortnight. The company will then follow the rule book, whatever be the result.
>> Here’s everything that we know about the Infosys whistleblower complaint and its potential impact
The government too took note of the concerns regarding corporate governance issues at one of India's largest software firms and directed National Financial Reporting Authority (NFRA) to launch an inquiry into the company.
NFRA will assess if a compromise on accounting standards also led to falsifying of financial matters, a senior government official familiar with the matter told CNBC-TV18. The official did not want to be named.
Infosys Ltd on Thursday said the US Securities and Exchange Commission (SEC) has launched a probe into the whistleblower claims. The company said India's market regulator, the Securities and Exchange Board of India (SEBI), has also asked it to submit information concerning the complaints.
First Published: Oct 25, 2019 10:07 AM IST