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Infosys Shares Jump 4% On Whistle-Blower Complaint Update
Shares of Infosys Ltd jumped more than 4 percent to an intraday high of Rs 732.50 after it provided its response to a clarification raised by NSE. The company said that it hasn't received any evidence to corroborate allegations made by the whistle-bowlers.
In its response to an e-mail dated 24 October from NSE with respect to the receipt of anonymous whistle-blower complaints, Infosys Ltd in a statement on Monday to the exchanges said that the complaints "were placed before the Audit Committee on October 10, 2019 and the non-executive members of the Board on October 11, 2019, in accordance with the whistleblower practice of the Company."
"With respect to the Anonymous Complaints, there is no prima facie evidence that the Company has received until date to corroborate any of the allegations made," it said.
"Further, given the circumstances at this stage, where there is complete absence of prima facie evidence and the Anonymous Complaints are still under investigation, the Company is not in a position to determine the concreteness, credibility and materiality of the anonymous complaints. In light of the above, no disclosure under Regulation 30 of the LODR Regulations is required to be made."
"In any event, the Audit Committee retained the services of the law firm, Shardul Amarchand Mangaldas & Co. to investigate the matter. Moreover, even before the appointment of the independent investigator the Audit Committee began consultations with independent internal auditors Ernst & Young. The independent internal auditors were given a mandate to review certain processes on the basis of the allegation in the Anonymous Complaints," it added.
The company also said that it will continue to make timely disclosures as required and also update the stock exchanges on the basis of key findings of the investigation reports once these are concluded.
