InvestorQ : Do you see any impact on the stock of Infosys since SEBI has ordered a forensic audit into the allegations by the whistleblower?
Dawn Cherian made post

Do you see any impact on the stock of Infosys since SEBI has ordered a forensic audit into the allegations by the whistleblower?

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Dilmini Mercia answered.
1 year ago
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While it was widely reported in the media that SEBI had ordered a forensic audit into Infosys post the whistleblower allegations, Infosys has dismissed these reports. According to Infosys, it has not received any notice from SEBI ordering a forensic audit of the company’s books, Infosys Ltd on Friday said it has not received any such order from the market regulator. The company management confirmed that it had not received any request from SEBI to conduct further audits as reported by media.

In fact, the livemint.com website had reported that SEBI was all set to order a forensic audit into the books of Infosys following whistleblower allegations that its top executives were involved in financial irregularities. An internal audit committee appointed by Infosys had concluded that whistleblower allegations about financial irregularities were substantially without merit. The original whistleblower allegations were made purportedly by some employees of the company. It had alleged that CEO Salil Parekh had bypassed approvals for large deals fearing a negative impact on shares from reduced profit. The allegations also revolved around anomalies in visa costs, large deals and reversal of certain provisions and non-disclosure of key information. The price of the stock hardly reacted last week.

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