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<ul><li>Infosys has trouble piling on from all side. </li><li>The company is being investigated by the SEC over whistleblower complaints filed against management and SEBI is looking into Infosys over possible insider tradingas well. </li><li>Infosys plans to ‘vigorously’ defend itself against all allegations. </li></ul>Infosys and its executives have had a tough week with troubles piling on. On one side, the Securities and Exchange Commission (SEC) has started an investigation into US-listed company over whistleblower complaints filed against its management. Back home, the Securities and Exchange Board of India (SEBI) has also asked Infosys to disclose additional information as per Regulation 30. On behalf of Infosys stakeholders, Rosen law firm has filed a class action lawsuit against the company in the US. All this while, it is busy investigating the allegations and its stock has been taking a beating. In the midst of it all the tech giant plans to defend itself against ‘vigorously’ against all allegations, according to a <a href="https://www.sec.gov/Archives/edgar/data/1067491/000106749119000058/exv99w01.htm">company filing</a> with the SEC. The issue with SEBI Laws in India require Infosys to disclose material information with respect to the allegations in the whistleblower complaints. But, there’s no exact definition of ‘material’. SEBI lists out 16 pieces of information that have to be filed but other than that, it’s up to the company to decide what they would consider ‘material’. The sudden stock movement SEBI isn’t just looking into the non-disclosure of information but also possible insider trading. Infosys’ stock crashed by a massive 16% when news of whistleblower complaints came to light. But beforehand, a suspicious futures and options trade was made which on this very crash. The possibility of insider trading also arises since the board members and company were aware of the whistleblower complaints on October 11. It was only on October 20 that the whistleblower sent a copy of the complaint to the media, which caused the stock to take a hit. The company said that they had hired the law firm, Shardul Amarchand Mangaldas and Co to investigate the matter.

Infosys to ‘vigorously’ defend itself against whistleblower allegations

<ul><li>SC has listed the PILs in the Adani-Hindenburg issue for May 15. </li><li>The apex said that it has received a report from the six-member panel it had appointed in March but has not read it. </li><li>SEBI has sought an extension to submit its report on a probe that the court has ordered on the matter.</li></ul>India’s apex court on Friday said that it could extend the time given to markets regulator Securities and Exchange Board of India (SEBI) to finish its probe into allegations of stock manipulation by <keyword id="76451" type="General" weightage="20" keywordseo="adani" source="Orion">Adani</keyword> group. The Supreme Court said it will take up the matter on May 15. The markets regulator had been given two months by the Supreme Court in March, but SEBI has sought six more months to finish the probe. “Six months is an unfair time...we will place the matter around 14th August. You complete your investigation in three months and come back to us. We can't say you need a minimum of six months,” Chief Justice of India DY Chandrachud told SEBI on Friday <a href="https://twitter.com/LiveLawIndia/status/1656961374650798081">as per Live Law</a>. The court had also appointed a six-member panel of experts headed by former Supreme Court Justice Abhay Sapre in March. The panel was appointed to investigate whether there had been a regulatory failure in dealing with the alleged contravention of laws pertaining to the securities market in relation to the Adani group or other companies. The apex court said that its registry had received a report from the panel but the court had had no time to read it. It proposed to list multiple PILs filed on the Adani-Hindenburg issue on May 15. The six-member panel is head by Justice Sapre, and also has experts like former non-executive chairman of ICICI Bank KV Kamath; former chairman of SBI, OP Bhatt; Infosys co-founder Nandan Nilekani; securities lawyer Somasekhar Sundaresan and retired high court judge JP Devadhar. Multiple public interest litigations (PILs) were filed with the apex court, following which the expert panel was <a href="https://www.businessinsider.in/india/news/truth-will-prevail-adani-group-welcomes-supreme-court-order-on-hindenburg-issue/articleshow/98356259.cms">set up in March</a>. In addition to this, the Supreme Court had directed SEBI to investigate whether there has been a violation of Section 19 of SEBI rules and whether there was any manipulation of stock prices. (With inputs from PTI) SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/adani-transmission-adani-total-gas-dropped-by-msci-stocks-fall/articleshow/100177534.cms">Adani Transmission, Adani Total Gas dropped by MSCI, stocks tumble 5%</a> <a href="https://www.businessinsider.in/tech/news/bard-vs-chatgpt-key-differences-between-these-two-ai-chatbots/articleshow/100183827.cms">Bard vs ChatGPT: How are the two free-to-use AI chatbots different?</a> <a href="https://www.businessinsider.in/business/telecom/news/vis-loss-is-jio-and-airtels-gain-jio-and-airtel-add-nearly-1-million-subscribers-each-in-feb/articleshow/100182782.cms">Vi's loss is Jio and Airtel's gain: Jio and Airtel add nearly 1 million subscribers each in Feb</a>

Adani-Hindenburg row: SC hints at granting SEBI extension on probe report, to decide on May 15

New Delhi, Jan 24 () Shares of Infosys on Friday managed to pare some losses after falling over 1 per cent during the day amid reports that market watchdog Sebi is likely to call for forensic audit of books of the company on whistleblower allegations of financial irregularities at the firm.
 The scrip declined 1.37 per cent to Rs 773.80 during the day on the BSE. Later, it closed at Rs 782.95, down 0.20 per cent.
 At the NSE, shares of the company fell 1.37 per cent to Rs 773.60 during the day. It, however, narrowed the losses to close 0.17 per cent lower at Rs 783.
 Infosys on Friday said it has not received any request from Sebi for conducting further investigation in the whistleblower case where top executives were accused of rigging the company's balance sheet.
 Sources had said Sebi is likely to call for a forensic audit of books of Infosys.
 Earlier this month, Infosys had said its audit committee had found no evidence of financial impropriety or executive misconduct, virtually giving a clean chit to CEO Salil Parekh and CFO Nilanjan Roy who had been accused by anonymous whistleblowers.
 "The company has not received any request from Sebi to conduct further audits as reported by media on January 23, 2020," Infosys said in a regulatory filing on Friday.
 In October, Infosys had informed stock exchanges of having received anonymous whistleblower complaints alleging certain unethical practices by the top management. It then started a probe into the matter and roped in external investigators. SUM
RVK

Infosys shares fall on reports Sebi likely to call for forensic audit

New Delhi, Jan 24 () Infosys on Friday said it has not received any request from Sebi for conducting further investigation in the whistleblower case where top executives were accused of rigging the company's balance sheet.
 Sources had said market watchdog Securities and Exchange Board of India (Sebi) is likely to call for a forensic audit of books of Infosys as it continues to probe whistleblower allegations of alleged financial irregularities at the company.
 Earlier this month, Infosys had said its audit committee had found no evidence of financial impropriety or executive misconduct, virtually giving a clean chit to CEO Salil Parekh and CFO Nilanjan Roy who had been accused by anonymous whistleblowers.
 "The company has not received any request from Sebi to conduct further audits as reported by media on January 23, 2020," Infosys said in a regulatory filing on Friday.
 It added that as disclosed previously, the company had received letters from regulatory authorities seeking information on the anonymous whistleblower investigation.
 "The company continues to cooperate with regulatory authorities," Infosys noted.
 In one of the letters dated September 20 and signed by 'Ethical Employees', it was alleged that Infosys CEO Salil Parikh as well as its Chief Financial Officer Nilanjan Roy engaged in forced revenue recognition from large contracts not adhering to accounting standards. There was another undated complaint also.
 In October, Infosys had informed stock exchanges of having received anonymous whistleblower complaints alleging certain unethical practices by the top management. It then started a probe into the matter and roped in external investigators.
 The audit committee commissioned a through investigation with the assistance of an independent legal counsel.
 US market regulator SEC had also initiated a probe into the matter, while Rosen Law Firm had said it was preparing a class-action lawsuit to recover losses suffered by Infosys' investors in the US. 
 Shares of Infosys were trading Rs 774.70 apiece on the BSE, down 1.26 per cent from the previous close. SR ANS
ANS

Not received any Sebi request for further audit in whistleblower case: Infosys

<ul><li>The <keyword id="6355630" type="COMPANY" weightage="20" keywordseo="securities-and-exchange-board-of-india">Securities and Exchange Board of India</keyword> (SEBI) is pointing the finger at <keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword> in a new case of insider trading.</li><li>The securities watchdog has accused eight entities, including two employees of Infosys, of colluding to make a profit of ₹3 crore using insider information.</li><li>Here’s how SEBI believes information was leaked, the market was manipulated, and a few bad actors thought they could get away with it.</li></ul>UPDATE: Infosys told Business Insider that it plans to "extend full cooperation" to SEBI and launch an internal investigation of its own. Infosys is once again caught in the tangles of insider trading. This time, the market regulator has found evidence that at least one employee helped a bunch of traders make a chunky profit to the tune of ₹3 crore by dealing in shares ahead of public announcements. According to Securities and Exchange Board of India (SEBI), the evidence is ‘prima facie’, which means it’s legally sufficient to establish the case of insider trading unless disproved. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup></colgroup></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Name of the entities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Proceeds </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Capital One Partners, Amit Bhutra, and Bharath C Jain </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2.8 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tesora Capital, Amit Bhutra, Manish Jain, and Ankush Bhutra </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹26.8 lakh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TOTAL </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3 crore </td></tr></tbody></table> As a result, eight entities ⁠— including two employees of the information technology (IT) behemoth ⁠— have been banned from the capital markets until further notice. The process enabling insider trading, as described in the interim order, has been explained below. According to the securities watchdog, it wasn’t just one trade. <keyword id="11361768" type="UNKNOWN" weightage="20" keywordseo="tesora-capital">Tesora Capital</keyword> and <keyword id="11361767" type="UNKNOWN" weightage="20" keywordseo="capital-one-partners">Capital One Partners</keyword> indulged in multiple futures and options from December 2019 to September 2020. “Capital One and Tesora have the same repetitive pattern of trading in the scrip of Infosys during periods close to the announcement of financial results,” said SEBI’s order. These are the people who SEBI has banned from trading in capital markets as part of its interim order in the insider trading case: <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup></colgroup></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Name </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Who is this? </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SEBI’s allegations </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Pranshu Bhutra </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Senior corporate counsel at Infosys </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Had access to price sensitive information that he shared with Amit Bhutra and transferred funds to a company called Mahrishi Alloy Private Limited. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Amit Bhutra </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Working partner at Capital One Partners and Tesora </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Amit is on the board of directors of Mahrishi. Mahrishi transferred funds to Amit’s mother. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bharath C Jain </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Working partner at Capital One Partners </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bharath procured UPSI from Amit. He is also one of the directors of Mahrishi. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Capital One Partners </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">- </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Amit and Bharat are both working partners at Capital One Partners. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tesora Capital </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">- </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Amit, Ankush and Manish are all working partners at Tesora. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Manish C Jain </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Working partner at Tesora </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brother of Bharath C Jain </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ankush Bhutra </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Working partner at Tesora </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Director at Mahrishi. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Venkata Subramaniam VV </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Senior principal of corporate account group at Infosys </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Designated person for the price sensitive information at Infosys. Alleged to have leaked the insider information to Pranshu. </td></tr></tbody></table>Source: SEBI, * = unpublished price sensitive information (UPSI) <cmsannotation type="cmsannotation" annotationid="Phone calls, emails and the ‘fatherly’ connection" comment="subhead" text="Phone calls, emails and the ‘fatherly’ connection">Phone calls, emails and the ‘fatherly’ connection</cmsannotation> SEBI has gathered a plethora of evidence to support its allegations using email exchanges, telephonic records and banking transactions. And, it all starts with Pranshu Bhutra. Amit Bhutra is listed as a director on the board of a company called Mahrishi Alloy Private limited, which claims to make steel products. And, so is Pranshu Bhutra’s father, Ram Bilas Bhutra. That’s where the trail begins. So far, SEBI has been able to establish that Pranshu Bhutra — a senior employee at Infosys — shared insider information with Amit Bhutra. Information that the watchdog believes he likely obtained from another Infosys employee, Venkata Subramaniam VV. In the month of June 2020 alone, Pranshu Bhutra transferred a combined amount of ₹1.1 crore to Mahrishi on four separate occasions. Shortly thereafter, around ₹1 crore was transferred into the account of Shyama Devi Bhutra — Amit Bhutra’s mother. This means that not only does SEBI have reason to believe that Pranshu Bhutra shared insider information with other people, but also that he had money on the line. Amit Bhutra used this money to take up positions in the market through Capital One Partners and Tesora Capital — both companies where he is a working partner. Bharath Jain, also a partner at Capital One, was also involved in the trades. And, so was his brother, Manish Jain — who was a partner at Tesora alongside Amit Bhutra and a director at Mahrishi. According to SEBI, all six individuals had access to insider information and used this information to take up positions in the market for a profit. <cmsannotation type="cmsannotation" annotationid="What happens next?" comment="subhead" text="What happens next?">What happens next?</cmsannotation> Business Insider contacted Infosys to ascertain if it would be taking an action against the named employees or if it plans to challenge SEBI’s order. "The company will extend full cooperation as required to SEBI on the matter. Additionally, as a result of the Order, an internal investigation is being initiated and appropriate action will be taken on conclusion of such investigation," the company told Business Insider in a statement. The new set of allegations have come in less than a year after the IT major’s independent director, Bobby Parikh, was <a href="https://www.business-standard.com/article/companies/infosys-independent-director-bobby-parikh-fined-for-stock-market-trade-120081700050_1.html">fined ₹2 lakh for ‘inadvertently’ trading</a> with his wife’s account. The year before that, in 2019, chief executive officer (CEO) Salil Parekh and chief financial officer (CFO) Nilanjan Roy were<a href="https://www.bloombergquint.com/business/whistleblowers-accuse-infosys-ceo-salil-parekh-of-unethical-practices-to-boost-profit"> also accused </a>of unethical accounting practices in a bid to boost revenue and profit. They were later cleared when an <a href="https://www.bloombergquint.com/business/infosys-audit-finds-no-merit-in-whistleblower-allegations-against-ceo-salil-parekh">independent Infosys audit</a> found no merit in the whistleblower allegations. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/economy/news/indias-gdp-has-contracted-five-times-since-1947-but-never-as-bad-as-7-3/articleshow/83135455.cms">India’s GDP has contracted five times since 1947, but never as bad as 7.3%</a> <a href="https://www.businessinsider.in/business/corporates/news/backed-by-mukesh-ambani-infibeam-expects-business-to-grow-manifold-to-100-billion-dollars/articleshow/83111869.cms">INTERVIEW: With a partner like Mukesh Ambani's Jio, Infibeam expects to hit $100 billion in online transactions in the next 5 years</a>

Here's how Infosys employees shared insider information that turned a chunky profit of ₹3 crore

In an anonymous complaint received by <a href="http://www.businessinsider.in/searchresult.cms?query=Securities+and+Exchange+Board+of+India&amp;sortorder=effectivedate">Securities and Exchange Board of India</a> (<keyword id="35210" type="ORGANIZATION" weightage="20" keywordseo="sebi">Sebi</keyword>) and the <a href="http://www.businessinsider.in/searchresult.cms?query=US+Securities+Exchange+Commission+&amp;sortorder=effectivedate">US Securities Exchange Commission </a>(SEC), a person has accused <keyword id="6354512" type="CITY" weightage="100" keywordseo="Infosys">Infosys</keyword> board of not addressing "serious corporate governance issues and conflict of interest issues related to Infosys CEO <a href="http://www.businessinsider.in/searchresult.cms?query=Vishal+Sikka&amp;sortorder=effectivedate">Vishal Sikka</a>. 
 
In the email, the complainant, who claims to be an employee, said he or she is willing to talk to regulators and reveal all information. 
 
"But, I want to be protected as a whistleblower," the complainant said in the email. 
 
On the other hand, <a href="http://www.businessinsider.in/searchresult.cms?query=Infosys&amp;sortorder=effectivedate">Infosys</a> denied the allegations calling them "false, malicious and defamatory." 
 
"Infosys takes any whistleblower complaint seriously and there is due process to investigate any complaint that comes to us. If we do receive any query either directly or from the regulatory authorities, we will respond to it as per the due process," the company said in a statement. 
 
Earlier, it was reported that former chief financial officer (CFO) <a href="http://www.businessinsider.in/searchresult.cms?query=Rajiv+Bansal+&amp;sortorder=effectivedate">Rajiv Bansal </a>was unhappy about the buyout in the period prior to his exit and Sebi will seek a response from Infosys on several issues raised on the payout to the Bansal and the acquisition of Panaya. 
 
"We will examine the response from the company on the letter Sebi has received and see if there is any violation of securities laws. We are closely monitoring the developments," a senior SEBI official had told ET. 
 Infosys denied any wrongdoing in the Panaya acquisition. "With regard to Panaya's acquisition, a third-party valuation was done by <keyword id="6357341" type="CITY" weightage="20" keywordseo="Deutsche-Bank">Deutsche Bank</keyword>, and the price at which the company was acquired was within the band recommended by them," Infosys said in its statement.

Another whistleblower takes on Infosys over governance issue, company terms it ‘false, malicious’

New Delhi, Dec 12 () US-based Schall Law Firm has said it will file a class action lawsuit against Infosys Ltd to recover losses suffered by investors in the wake of allegations of "unethical practices" at the Indian IT major.
 In October, Infosys had informed the stock exchanges of having received anonymous whistleblower complaints alleging certain unethical practices by the top management.
 US market regulator SEC has also initiated a probe on the matter, while Rosen Law Firm had said it was preparing a class action lawsuit to recover losses suffered by Infosys investors in the US.
"The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Infosys Ltd for violations of sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the US Securities and Exchange Commission," a statement said.
It asked investors who had purchased the company's securities between July 7, 2018 and October 20, 2019, inclusive (class period), to contact the firm before December 23, 2019.
Infosys declined to comment on the matter. 
Company shares dropped 2.63 per cent on the BSE Thursday.
Infosys Chairman Nandan Nilekani had said the whistleblower complaint dated September 20, as well as an undated complaint had been received by one of the board members on September 30.
In the letter, dated September 20, and signed by ''Ethical Employees'', it was alleged that CEO Salil Parikh as well as Chief Financial Officer Nilanjan Roy engaged in forced revenue recognition from large contracts not adhering to accounting standards.
The complaints were placed before the audit committee on October 10, and to the company's non-executive board members on October 11, also the day when Infosys announced its second quarter results.
Infosys has been investigating the whistleblower complaints. An external law firm has been roped in to conduct an independent investigation into the allegations.
The Bengaluru-based company has said it will share the outcome of the investigation with all stakeholders at the relevant time.
 The Securities and Exchange Board of India (Sebi) had sought additional information from the company, while the National Financial Reporting Authority (NFRA) - part of the corporate affairs ministry - is also looking into alleged accounting lapses at the firm. SR SR MR
MR

Infosys faces another lawsuit in US

<ul><li><keyword id="339164" type="POSITION" weightage="20" keywordseo="Infosys-chairman">Infosys chairman</keyword> <keyword id="44604" type="PERSON" weightage="20" keywordseo="Nandan-Nilekani">Nandan Nilekani</keyword> told analysts that not ‘even God’ can change the company’s numbers. </li><li>He said that the company’s finance team is feeling insulted by the whistleblower allegations. </li><li>Nilekani also told analysts that <keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword>’ clients will continue to conduct business with the company as the investigation continues. </li></ul>Infosys chairman Nandan Nilekani, believes that Infosys is untouchable. He said that not ‘even God’ can change its numbers, in an analyst call. This came after <a href="https://www.businessinsider.in/business/corporates/news/infosys-whistle-blowers-accuse-ceo-and-cfo-of-concealing-information-from-board-auditors/articleshow/71682975.cms">whistleblowers </a>accused the company of sweeping $50 million under the rug. "Infosys has strong processes, even God can’t change the numbers of this company. Our finance team is feeling insulting by these allegations. But I don’t want to bias the investigation," Nilekani told analysts, according to <a href="https://economictimes.indiatimes.com/tech/ites/infosys-chairman-nilekani-says-even-god-could-not-change-its-numbers/articleshow/71935467.cms?utm_source=newsletter&amp;utm_medium=email&amp;utm_campaign=NewsDigest1&amp;utm_content=Tech&amp;utm_term=3&amp;ncode=713096360c19bccffc5e1c392fb2beaf">ET</a>. During the meeting, Nilekani also said that the company’s clients aren’t going to hold back spending just because of an ongoing investigation. He assured analysts that he had already reached out to clients and proactively told them that there was nothing to worry about. "Customers are extremely supportive. Customers have faith in Infosys and deal flow continues to be as good ever," said Nilekani. On November 4, Infosys and Siemens Gamesa Renewable Energy (SGRE) inked a multi-year deal. The tech giant said that it’s going to help SGRE’s digital transformation but the financial details of the deal were not disclosed. Infosys’ story so far Infosys is conducting an internal audit with Ernst &amp; Young and hired Shardul Amarchand Mangaldas to investigate the whistleblower claims. <a href="https://www.businessinsider.in/business/news/infosys-to-vigorously-defend-itself-against-whistleblower-allegations/articleshow/71751120.cms">The company</a>’s CEO <keyword id="328377" type="PERSON" weightage="20" keywordseo="Salil-Parekh">Salil Parekh</keyword>, and CFO Nilanjan Roy are accused of unethical practices — such as inflating deal numbers to show larger margins and asking the sales team to hide information to report higher revenue. On Monday, Infosys reported that it has not been able to find any ‘prima facie’ evidence to support the whistleblower’s allegations. "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," the <a href="https://www.businessinsider.in/business/news/infosys-clear-ceo-and-cfo-of-whistleblower-allegations/articleshow/71935085.cms">company said in a statement</a> to the National Stock Exchange (NSE) on Monday. Infosys is currently being investigated by the Securities and Exchange Commission (SEC) and the Securities and Exchange Board of India (SEBI). There <a href="https://www.businessinsider.in/business/corporates/news/infosys-is-in-more-trouble-as-a-class-action-lawsuits-gather-steam-in-the-us/articleshow/71705319.cms">at least one class action lawsuit</a> filed against the company based on the allegations. See also: <a href="https://www.businessinsider.in/business/news/infosys-to-vigorously-defend-itself-against-whistleblower-allegations/articleshow/71751120.cms">Infosys to ‘vigorously’ defend itself against whistleblower allegations</a> <a href="https://www.businessinsider.in/business/corporates/news/infosys-is-in-more-trouble-as-a-class-action-lawsuits-gather-steam-in-the-us/articleshow/71705319.cms">Infosys is in more trouble as a class action lawsuits gather steam in the US</a> <a href="https://www.businessinsider.in/careers/news/benching-firing-and-re-deploying-the-story-of-20000-employees-at-tech-majors/articleshow/71934414.cms">Benching, firing and re-deploying — the story of 20,000 employees at tech majors</a>

Infosys untouchable, ‘not even God’ will find evidence of fraud

New Delhi, Feb 10 () Sebi has shortlisted as many as eight companies, including Infosys, Wipro and IBM India, to implement a "data analytics project" through which the regulator wants to track possible market manipulations such as insider trading and front running. The move is part of Sebi's efforts to address and handle challenges arising out of technological advancements in the markets. In November, the regulator had invited expression of interest (EoI) from "reputed and reliable solution providers for implementation of data analytics project and building of data models at Sebi". The analytics/model development would include developing new models, implementing analytics project, establishing linkages between various entities in the market, automated extraction of details from documents filed with Sebi and prediction of market manipulations such as insider trading and front running. Accordingly, the Securities and Exchange Board of India (Sebi) invited bids from companies to provide such services. After evaluating the responses, the regulator in a latest notice said, it has shortlisted eight firms -- PWC Pvt Ltd, Capgemini Technology Services India, Decimal Point Analytics , Wipro, IBM India, NEC Technologies India, Hewlett Packard Enterprise India and Infosys for "further process." In November, Sebi Chairman Ajay Tyagi announced that the regulator plans to spend Rs 500 crore on information technology in the next five years as well as have a "data lake project". The project is aimed at augmenting analytical capability at Sebi with advanced analytical tools such as artificial intelligence and machine learning, deep learning, big data analytics, pattern recognition, processing of structured and unstructured data, text mining and natural language processing, among others. Besides, the regulator, in its annual report for 2018-19, had said it intends to deploy data analytics and new generation technologies to deal with various challenges in the market. As per the report, the regulator would continue to strengthen market supervision through steps such as technology solutions being built to achieve the objective of identifying non-compliance and assisting in investigation. SP ANUANU

Sebi bets big on tech; shortlists IBM India, Infy, Wipro, others for data analytics project

New Delhi, Dec 13 () Infosys on Friday said it is not aware of any additional complaints made against the company other than the one it had disclosed to the bourses in October this year.
 The clarification comes amid reports of the US-based Schall Law Firm saying it has filed a class-action lawsuit against Infosys to recover losses suffered by investors in the wake of allegations of "unethical practices" at the Indian IT major.
 Infosys, in a regulatory filing on Friday, said the company is aware of several reports referencing an additional securities class-action lawsuit against Infosys.
 "The company is not aware of any additional complaints, other than the initial complaint, which was disclosed on October 24, 2019," it added.
 Infosys pointed out that it is not uncommon for plaintiffs' lawyers to issue press releases or other media communications asking potential plaintiffs to contact them in order to apply for lead plaintiff status in an existing lawsuit.
 "It appears that the press communications by the Schall Law Firm is soliciting potential lead plaintiff applicants," it said.
 In October, Infosys had informed the stock exchanges of having received anonymous whistleblower complaints alleging certain unethical practices by the top management. US market regulator SEC has also initiated a probe on the matter, while Rosen Law Firm had said it was preparing a class-action lawsuit to recover losses suffered by Infosys investors in the US.
 The Schall Law Firm, a national shareholder rights litigation firm, had announced the filing of a class-action lawsuit against Infosys Ltd, and asked investors who had purchased the company's securities between July 7, 2018 and October 20, 2019, inclusive (class period), to contact the firm before December 23, 2019.
 Stock exchange BSE had sought a clarification from Infosys on reports that the company was facing another lawsuit in the US.
 Infosys Chairman Nandan Nilekani had said the whistleblower complaint dated September 20, as well as an undated complaint had been received by one of the board members on September 30.
 In the letter, dated September 20, and signed by ''Ethical Employees'', it was alleged that CEO Salil Parikh as well as Chief Financial Officer Nilanjan Roy engaged in forced revenue recognition from large contracts not adhering to accounting standards.
 The complaints were placed before the audit committee on October 10, and to the company's non-executive board members on October 11, also the day when Infosys announced its second quarter results.
 Infosys has been investigating the whistleblower complaints. An external law firm has been roped in to conduct an independent investigation into the allegations.
 The Bengaluru-based company has said it will share the outcome of the investigation with all stakeholders at the relevant time.
 The Securities and Exchange Board of India (Sebi) had sought additional information from the company, while the National Financial Reporting Authority (NFRA) - part of the corporate affairs ministry - is also looking into alleged accounting lapses at the firm. SR HRS

Not aware of any complaints against company other than one disclosed in October: Infosys

New Delhi, Dec 8 () With an aim to upgrade skills and build their bandwidth, an increasing number of domestic audit firms are looking for global tie-ups to take on multinational giants in the sector.
The aim is to become globally more competitive by deploying stronger processes already being followed by the global audit firms in delivering audit mandates.
"There has been a significant jump in the number of mid-sized Indian audit firms looking for global tie-ups in the recent past. More than a dozen such firms have approached various global players in past few weeks," said a consultant who is helping local firm scout for a foreign partner.
The primary reason being cited is the growing complexity in businesses, which auditors must understand to deliver a high-quality audit, compounded by the fear of stringent action by regulatory and investigating agencies for negligence or collusion by them in cases of corporate frauds and business failures.
In recent times, there has been a spate of actions against auditors, including against PwC in the Satyam case and against Deloitte and BSR in the IL&amp;FS matter.
The Supreme Court recently stayed an order by the Securities Appellate Tribunal, which held that Sebi lacked powers to bar auditors, after the capital markets regulator contested a SAT ruling that had quashed a two-year ban on PwC in connection with the Rs 7,800-crore Satyam scam.
In the IL&amp;FS case, the NCLT had launched proceedings against the company's erstwhile auditors but the Bombay High Court later granted a stay. Besides, some auditors were recently arrested by the Economic Offences Wing of the Mumbai Police in the NSEL matter, though they were released subsequently on bail.
Some auditors, including in the case of IL&amp;FS matter, have also come under the scanner of the Serious Fraud Investigation Office (SFIO), while National Financial Reporting Authority (NFRA) is looking into alleged accounting lapses at Infosys.
The regulatory and government officials have often pointed out that auditors are supposed to be the conscience-keepers of a company and it is their duty to ring the alarm bells even at the slightest hint of a financial wrongdoing.
Within the auditor community, there is a growing feeling that the globalised businesses of the clients they serve call for the latest audit techniques and processes and their absence can be seen as a major obstacle in delivering on the audit mandate.
A robust IT infrastructure is the another biggest gap area that the domestic audit firms are looking to address through global tie-ups.
"Lack of a strong technology infrastructure has been an area of concern for Indian audit firms in carrying out audit for their clients. An effective IT infrastructure at the auditor's end calls for a substantial investment and a global tie-up or getting associated with a multinational network can help significantly on that front," said an audit committee head at a Nifty-50 company.
At the same time, the prevailing macro-economic environment is creating multiple challenges for the industry, while a negative narrative that has got built around the audit profession is making the things worse, experts said.
Vijay Gupta, ex-central council member of the ICAI, said, "Global tie-ups provide local audit firms access to better processes and practices already undertaken by the global partner, thereby building a much-needed bandwidth to serve the clients".
He cited the resource constraints faced by local firms as crucial for pushing them towards global tie-ups, and said the aim is to have a better IT infrastructure to create a more robust audit framework.
"The liability mechanism for auditors is an area that needs to be duly addressed. Drastic actions are being taken against auditors even in the absence of being proven guilty," said an auditor working with a leading firm.
He said a complete ban on any audit firm has a much larger impact on the industry and on people working in it.
On the other hand, officials at regulatory and enforcement agencies have been saying that audit firms tend to put the blame on individuals after finding themselves in the dock for their alleged role in frauds.
Experts opine that availability of trustworthy financial information on performance of companies is important for proper functioning of a market economy, but the entire auditing system has got into a precarious situation as questions are being raised around integrity of auditors.
Serious concerns arise if auditors' independence is compromised or when trust reposed in them gets betrayed as independent audits are fundamental to taking informed and correct investment decisions.
Experts feel that it is important to facilitate a business-friendly environment for corporates as well as for professionals in India and therefore it is vital that Indian laws and regulations on professional services keep pace with the changing market dynamics. BJ
BAL

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