Under no obligation to disclose whistleblower letter: Infosys

Source : IANS
Author : IANS
Last Updated: Mon, Nov 4th, 2019, 23:14:27hrs
Under no obligation to disclose whistleblower letter: Infosys

Mumbai: Infosys on Monday denied all allegations made against its two top officials in a whistleblower letter and said it was under no obligation to disclose the same, post which the company scrip jumped 3.6 per cent on the BSE.

"There is no supporting evidence that has been received by the company along with these anonymous complaints to substantiate the allegations," Infosys said in a regulatory filing dated November 2.

The company argued that unless an event or information is deemed 'material' or determined as 'material' by the company under the Listing Obligations and Disclosure Requirements (LODR) Regulations, it had no obligation to disclose the same under Regulation 30 of the LODR Regulations.

"The Anonymous Complaints do not fall within the purview of deemed material events under the LODR Regulations," Infosys said.

"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. In any event, the audit committee retained the services of the law firm, Shardul Amarchand Mangaldas & Co. to investigate the matter," the company 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.

"As requested, we will update the stock exchanges on the basis of key findings of the investigation reports once these are concluded," the company said in its clarification statement.