A series of allegations leveled by some employees by way of a whistleblower letter dated 20 September to Infosys board regarding alleged accounting jugglery by its top management, racist remarks and unethical behavior of its CEO Salil Parekh and chief financial officer Nilanjan Roy, has caused a bloodbath in the stock markets. Prior to this appointment Parekh was previously member of the group management board at Capgemini, where he had worked since 2000, after Ernst & Young's consultancy division, where he had been working before, was merged into the company. The role of auditors has repeatedly come under question in the aftermath of every such incident; if the charges are true, the probe needs to be widened to cover that angle too.A day after Infosys decided to sell its subsidiaries Skava and Panaya, a whistleblower sent a letter to SEBI demanding a probe into these transactionsCharges of accounting fraud at Infosys is only one part of the story; racism is another.Regardless of the probe outcome, these allegations should trigger a debate about revisiting corporate governance norms for large Indian companies. The whistle-blowers also accuse Parekh and Roy of depicting an untrue picture of the company’s financials by twisting accounting norms to inflate near-term profits. Its former CEO Vishal Sikka had resigned from his post in 2017, following a rather public disagreement with Infosys chairman NR Narayana Murthy. The audit committee appointed by Infosys to probe allegations made by whistleblowers against CEO Salil Parekh has found no evidence of financial irregularities or executive misconduct."We did everything by the law. Allegations of malpractices are also made against Infosys CEO Salil Parekh and CFO Nilanjan Roy (pictured).mint 3 min read . Their Code applies to all—from the lowly intern to the CEO and if the allegations are proved, each can be subject to disciplinary actions that the Code itself mandates," he said.The slow cutting of the umbilical cord between the founders of Infosys and the company is good for everyone: the founders, who get to invest it elsewhere, and the company, which can now reinvent itselfOf these, the more serious allegation obviously is the fudging of accounts to rig share prices. Infosys maintained that it would not reveal the full investigation report to the public, citing confidentiality concerns, adding that the board members are of the highest integrity and that they should decide on the release of the full report.Nilekani said that even in hindsight, the company had done absolutely the right things through the entire process. However, with several regulatory probes simultaneously in progress, in India as well as the US, it will be some time before the company can put the latest whistleblower episode behind it. Infosys said that the investigators pored over 2.1 lakh documents and 8 terabytes of data.
Anonymous employees of Infosys had leveled serious accusation on CEO Salil Parekh and CFO Nilanjan Roy last year through a letter IT major Infosys has dismissed all allegations leveled by an anonymous group called ‘Ethical Employees’, who claimed to be a part of the company. ©TV18 Broadcast Limited. The allegations suggest Salil Parekh bypassed approval processes, kept the board and auditors in the dark about several billion-dollar deals with negligible margins. It has asked them to form a Code of Conduct. "We will not be able to comment on the below, other than the statement we issued in the morning, which can be found on our website," it said. These have been placed before the audit committee as per the company’s practice and will be dealt with in accordance with the company’s whistleblower policy," the statement said. The integrity of one of the towering institutions in India will come under question.Salil Parekh, CEO and MD, Infosys. Shares of Infosys fell sharply by up to 15.9% on Tuesday after it emerged on Monday that a group of whistleblowers had written a letter to the company’s Board alleging unethical practices by its current CEO Salil Parekh and CFO Nilanjan Roy. Parekh was appointed the CEO and MD on December 2, 2017. This time around, the complaints are against CEO Salil Parekh. Salil Parekh is the current chief executive officer and managing director of Infosys.Parekh took over from interim CEO U B Pravin Rao on 2 January 2018. The whistleblower group had called themselves 'ethical employees'.Infosys’ chief executive officer Salil Parekh and chief financial officer Nilanjan Roy were at the centre of the whistleblower storm. Chairman and co-founder Nandan Nilekani said in a statement that from the company's perspective it was over as the investigations were quite comprehensive.In the media statement, Infosys addressed all the allegations raised by the whistleblowers including the purportedly racist comments that CEO Parekh allegedly made against the board members. The audit committee appointed by Infosys to probe allegations made by whistleblowers against CEO Salil Parekh has found no evidence of financial irregularities or executive misconduct.
The details of such Code, except insofar as independent directors is concerned, companies can decide for themselves.
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