Infosys gets clean chit from SEC in whistleblower case

This comes five months after the whistleblower complaint surfaced in late October 2019

Published: Mar 24, 2020
Infosys Image: Shutterstock

The US Securities and Exchanges Commission (SEC) has given clean chit to Infosys in the whistleblower case.

In a statement, Infosys said, “The Company received notification from the SEC that the SEC has concluded its investigation and the Company does not anticipate any further action by the SEC on this matter.”

“The Company has also responded to all the inquires received from the Indian regulatory authorities and Company will continue to cooperate with the authorities should there be any additional requests for information,” the statement added.

This comes five months after the whistleblower complaint surfaced in late October 2019. The whistleblowers accused CEO Salil Parekh and CFO Nilanjan Roy for accounting irregularities to boost growth numbers. Following the report, Infosys' share price tanked close to 16 percent on the BSE and the US stock exchange NYSE, wiping out its market cap by nearly Rs 50,000 crore.

India's second-largest tech major released the detailed report on the outcome of its audit committee investigation on a whistleblower complaint in January, which gave clean chit to Infosys. The investigation was done with the assistance of independent legal counsel Shardul Amarchand Mangaldas & Co and PricewaterhouseCoopers.

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