No plans to make external investigator's report public:Infosys

Image
Press Trust of India New Delhi
Last Updated : Aug 04 2017 | 3:13 PM IST
Infosys Ltd has declined a request from its most high-profile founder N R Narayana Murthy to make public the report of an external consultant appointed to look into the charges of misgovernance.
Murthy, who was chairman of the company till 2014 and still holds 3.44 per cent stake (along with family members), had asked the full report by Gibson Dunn & Crutcher to be made public.
Infosys had claimed in June that the external expert had cleared the management of charges of wrongdoing, as was alleged by an anonymous complaint, after a detailed and extensive investigation.
"The company does not plan to make the report public," Infosys said in a statement.
The law firm had been mandated to probe the whistleblower allegations of CEO Vishal Sikka being paid excessive compensation in relation to the Panaya acquisition.
"The summary finding statement of this investigation is also available on our website," Infosys said.
The company explained that the investigation involved interviews of over 50 witnesses in India, the US and elsewhere, the review of company policies, Board minutes, public filings and internal documents.
It also entailed investigation of "many thousands of internal emails and attachments" and used forensic accounting experts to analyse technical and financial information, the company said.
Infosys had ordered the probe following two anonymous letters in February that alleged wrongdoing in some of Infosys' acquisitions, improper contracting and CEO compensation as well as expenditures.
In a statement issued on June 23, Infosys had said the probe had found no evidence of any kickbacks, inappropriate contracting or unreasonable expenses incurred on Sikka.
Over the past few months, Infosys has drawn flak from some of the co-founders, including Murthy, on a number of occasions alleging corporate governance lapses at the firm.
They had also raised questions about the severance package offered to two former Infosys executives.
Infosys had also attached a copy of the letter that Gibson Dunn had written to its audit committee on findings of the investigation.
In February 2015, Infosys had announced buying Israeli automation firm, Panaya for USD 200 million (Rs 1,250 crore) in cash.

Disclaimer: No Business Standard Journalist was involved in creation of this content

*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Exclusive premium stories online

  • Over 30 premium stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Aug 04 2017 | 3:13 PM IST

Next Story