Nandan Rebuffs Co-Founders’ Role In Infosys whistleblower complaint

Image result for nandan nilekani infosys

Bengaluru, NFAPost: INFOSYS today strongly condemned the mischievous insinuations made by anonymous sources against the co-founders and former colleagues, suggesting their involvement in the recent whistleblower allegations.

“These speculations are appalling and seem to be aimed at tarnishing the image of some of the most accomplished and respected individuals. I have deep regard for the life-long contribution of all our co-founders. They have built this institution and have served this company selflessly and even today, remain committed to the long-term success of Infosys,” Infosys chairmain Nandan NIlekani said in a statement.

Corporate governance

The statement comes in the wake of a news report in a media alleging that “people at the top echelons of Infosys believe that a co-founder of the company and a former senior executive conspired with the whistleblowers who have made allegations of corporate governance failures involving Chief Executive Officer Salil Parekh.”

The source-based report also mentioned that the perceived involvement of outside duo has enraged several people connected to the company, including those close to the board.

“This was a terrorist attack involving a mastermind (with) a link to the company and those who executed the attack,” a source aware of the deliberations at Infosys said.

The whistleblowers had levelled serious allegations against Parekh and CFO Nilanjan Roy of indulging in unethical practices in inflating short-term revenues and profits of the company.

The whistleblowers also had shot off emails to Infosys co-founder NR Narayana Murthy and former CFO TV Mohandas Pai. They also claimed that they have submitted evidence to the US Securities and Exchange Commission in the form of recordings and emails.

Audit Committee

Nilekani further said the company’s Audit Committee has already appointed an external law firm to conduct an independent investigation into the allegations made in the complaints.

“We will share the outcome of the investigation at the relevant time with all stakeholders,” he added.

Apart from complaining about financial reporting standards, whistleblowers alleged the top executives kept information from the board and violated the norms of reviews and approvals for large deals, many with allegedly nil margins.

They also complained about Parekh asking the whistleblowers to ignore the “madrasis” on the board, who make silly points.

Anonymous complaints

On November 4, Infosys had told National Stock Exchange that it has no prima facie evidenc to corroborate any of the allegations.

The company also clarified that it is not in a position to determine the concreteness, credibility and materiality of the anonymous complaints, but they are still under investigation.

The whistleblowers’ complaint was reported to the outside world 21 days after it was made, which is not a violation of laws in any sense, but not in accordance with Murthy’s “when in doubt, disclose” mantra.

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