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Salil Parekh — the eye of the storm that surrounds Infosys

The share price of Infosys fell by 16.2% a day after whistleblowers complaint on its top management turned public, on Tuesday (October 22). That’s a wealth erosion of about ₹53,000 crore (about $7 billion). It also hit a lower circuit and closed at ₹643 per share. This is due to a whistleblower complaint which alleged that the CEO and CFO top management put pressure on them to not recognise the reversal of $50 million on FDR contracts as it will slash profits. Two anonymous whistleblowers accused the CEO Salil Parekh and CFO Nilanjan Roy of concealing information from auditors and keeping large deal information from the board. But, investors seem to fear that this may only be the tip of the iceberg. And, this is not the first time that Infosys has been accused of ‘corporate governance’’ issues. In fact, the founder of the company and the promoter group has been vocal<a href="https://economictimes.indiatimes.com/markets/stocks/news/infosys-promoters-including-murthy-nilekani-offer-shares-worth-rs-2038-crore-for-buyback/articleshow/60347494.cms?from=mdr"> of possible irregularities</a>, especially during the acquisition of Panaya for $200 million. This was of course, two years back. Ever since, the CEO Vishal Sikka and the CFO R Seshasayee have quit after blaming the founder Naranya Murthy of ‘personal attacks’ on them. The board too had been scrubbed clean and changed by one of its founders Nandan Nilekani but as it seems to be, the troubles are far from over. The severity of the fall in the share price today shows that investors are more worried about the standard of governance at one of India’s most famous home-grown companies that was once touted to be a benchmark in corporate governance. As per he whistleblower complaints, millions in reversals were not added into the accounts, to make profits ‘look good’. Amongst other things, whistleblowers said that Even without a possibly fake facelift, Infosys has been losing out to its competitors. A research report by Nomura has maintained its ‘neutral’ rating on the company preferring TCS over it. “We expect calendar year growth momentum to moderate in the second half below double digits as it should be seasonally weak with furloughs in the third quarter. Incrementally, outlook is weak in retail, and BFSI remains soft which is 50% of revenues combined), though performance and outlook on other verticals is strong,” the report said after Infosys declared its quarterly results. For a company which is growing slow, investigation and accusations will not help. Not during times of slowdown which it already has a lot of ground to cover. If more troubles come out of the Pandora’s box, Infosys will risk comparison to the likes of Satyam Computers which went down in 2009 after the promoter Ramalinga Raju tried to merge it with another infrastructure company he runs, failed and declared his role in a scandal that hit the credibility of entire India Inc.

Infosys lost $7 billion in share value due to $50 million whistleblower complaint-- showing that governance is bigger than money

<ul><li>Salil Parekh’s induction into the post of Infosys CEO was supposed to mark a ‘fresh start’ for the company. </li><li>He is currently being accused of ‘unethical practices’ like reporting higher profits and revenues — and hiding it.</li><li>When he was brought on board in 2018, he was given more than $5 billion in cash to make large margin acquisition for Infosys.</li></ul>Salil Parekh was named the CEO of Infosys just in January last year was supposed to mark a ‘fresh start’ for the company after massive layoffs in 2017. In fact, he beat out internal candidates and former executives as he rose from being a business manager at Capgemini to the CEO of one of the biggest tech companies in india. Come 2019, Parekh’s being accused of ‘unethical’ practices like misreporting higher profits and revenues by a group of whistleblowers. The allegations against him also include overlooking reviews and approvals to secure larger deals. Here's a quick look at Parekh's story since he became CEO:

The Infosys clean-up under Salil Parekh seems to have come a full circle within 2 years

<ul><li>The share price of Infosys fell over 10% on October 22 after a whistleblower complained of misgovernance the previous day.</li><li>However, there were 1.8 million shares in open interest at the strike price of 740 Put at the end of Friday.</li><li>Someone had bet that the share price will fall even before the complaints against CEO Salil Parekh and other management members became public over the long weekend.</li></ul>The share price of Infosys fell over 10% on October 22 after a whistleblower complained of misgovernance the previous day. However, there were 1.8 million shares in open interest at the strike price of 740 Put at the end of Friday. At the end of trade on Oct 18, Infosys shared closed at ₹767.75. At that stage, when someone bought the 740 Put in the futures and options market, they were betting that the share will fall to 740, a fall of about 3% from Friday's closing price, in the near term. The size of the bet, an open interest of 1.8 million shares, makes it a huge bearish bet on the stock. If it is proven that the bet on 740 Put was made because the trader(s) was aware of the oncoming complaint from the whistleblowers, it may amount to insider trading. A whistleblowers' complaint that alleged that the top management put pressure on them to not recognise the reversal of $50 million on FDR contracts as it will slash profits. Two whistleblowers accused the <keyword id="8245551" type="UNKNOWN" weightage="20" keywordseo="chief-executive-officer-salil-parekh">Chief Executive Officer Salil Parekh</keyword> and Chief Financial Officer Nilanjan Roy of concealing information from auditors and keeping large deal information from the board. The company has said that the complaint has been placed before the audit committee as per practice and will be dealt with in accordance with the company's whistleblowers' policy. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/infosys-lost-4-billion-in-share-value-due-to-50-million-whistleblower-complaint-showing-that-governance-is-a-bigger-than-money/articleshow/71698745.cms" data-type="tilCustomLink" target="_blank">Infosys lost $4 billion in share value due to $50 million whistleblower complaint-- showing that governance is bigger than money</a>

Someone made a big bet that Infosys share will fall even before the whistleblower complaint against CEO Salil Parekh became public

<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

Last week, tech giant <keyword id="19906778" type="General" weightage="100" keywordseo="Infosys" source="keywords" meta.keywordsubtype="org" meta.entityname="Infosys" meta.hostid="153" meta.entityid="Infosys">Infosys</keyword> was making headlines for delaying onboarding of thousands of freshers for more than two years. It was reported that freshers had been awaiting onboarding since 2022 but nothing was happening on that front. The Nascent Information Technology Employees Senate (<keyword id="20033579" type="General" weightage="20" keywordseo="NITES" source="keywords" meta.keywordsubtype="org" meta.entityname="NITES" meta.hostid="153" meta.entityid="NITES">NITES</keyword>) even filed a formal complaint against the company. Now, <keyword id="21949326" type="General" weightage="20" keywordseo="Infosys-CEO" source="keywords">Infosys CEO</keyword> Salil Parekh has said that everyone with a job offer will be a part of the company even though there are “delays.” <h2>Infosys CEO reassures graduates</h2> Infosys has confirmed its commitment to honour all <keyword id="20345755" type="General" weightage="20" keywordseo="offers" source="keywords">offers</keyword> extended to fresh engineering graduates, despite ongoing delays in the onboarding process. CEO Salil Parekh recently addressed concerns that have been brewing among thousands of freshers, saying that while some joining dates have been adjusted, every candidate who received an offer will join the company. In a statement, Parekh told PTI, "Every offer that we have given, that offer will be honored, and those individuals will join Infosys. We have adjusted some dates, but beyond that, there is no change in our approach." According to a CNBC report, Parekh also said that the rising interest in Generative AI (GenAI) among clients is a positive sign for future growth. He added that while GenAI is driving significant change within the industry, it will not lead to layoffs at Infosys, a point of distinction compared to trends seen at other tech firms. <div type="Article" hostid="261" msid="112669758" title="Infosys delays onboarding of 2,000 graduates for more than 2 years, NITES files complaint" mstype="2" mssubtype="0"></div> Parekh’s reassurances come in response to growing unrest among freshers from the 2022 batch, many of whom have been waiting for nearly two years to start their careers at Infosys. <h2>What is happening with Infosys hiring?</h2> For the unversed, the Nascent Information Technology Employees Senate (NITES), a Pune-based IT employee union, recently filed a formal complaint with the Ministry of Labour and Employment, accusing Infosys of delaying the onboarding of over 2,000 engineering graduates. These graduates were selected for roles such as system engineers and digital specialist engineers during the company’s 2022-23 recruitment drive. According to NITES, the affected graduates received their offer letters as early as April 2022 but have since faced continuous delays, unpaid pre-training programs, and additional assessments that were not initially communicated. Despite fulfilling all the requirements, these professionals have been left in limbo, unable to begin their careers. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/work-life-balance-is-a-myth-photo-of-man-working-in-front-of-momo-stall-goes-viral-internet-reacts/articleshow/112516510.cms" data-type="tilCustomLink" target="_blank">'Work-life balance is a myth’: Photo of man working in front of momo stall goes viral, Internet reacts</a> <a href="https://www.businessinsider.in/tech/article/arrange-or-love-marriage-debate-is-passe-people-are-now-marrying-their-ai-partners/articleshow/112522764.cms" data-type="tilCustomLink" target="_blank">Arrange or love marriage debate is passe, people are now marrying their AI partners</a>

Everyone will join, there is no change: Infosys CEO after delaying joining of 2,000 freshers for over two years

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

New Delhi, Mar 24 () Infosys on Tuesday said the US Securities and Exchange Commission (SEC) has concluded the investigation in the whistleblower allegations made last year, and that it does not anticipate any further action by the regulator. In October last year, 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. US market regulator SEC had also initiated a probe into the matter. In a regulatory filing on Tuesday, Infosys said it has received a notification from the SEC stating that its investigation investigation has concluded. "The company does not anticipate any further action by the SEC on this matter." The Bengaluru-based company said it has responded to all the inquiries received from Indian regulatory authorities and that it will continue to cooperate with the authorities if there are any additional requests for information. In January this year, 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 were accused by anonymous whistleblowers of rigging the company's balance sheet. SR ANSANS

SEC concludes probe in whistleblower case; no further action expected: Infosys

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 13 () Shares of Infosys on Monday jumped over 5 per cent after the company reported a 23.7 per cent rise in consolidated net profit for the December quarter.
 Infosys on Friday said its audit committee has found no evidence of financial impropriety or executive misconduct, virtually giving a clean chit to CEO Salil Parekh and CFO Nilanjan Roy who were accused by anonymous whistleblowers of rigging the company's balance sheet.
 The scrip climbed 5.32 per cent to Rs 777.55 on the BSE.
 On the NSE, it jumped 5.33 per cent to Rs 777.50.
 It was the top gainer on both Sensex and Nifty during morning trade.
 The country's second-largest IT services major, after market hours on Friday, reported a 23.7 per cent rise in consolidated net profit at Rs 4,466 crore for the December quarter, which the company executives called satisfactory.
 The company had posted a net profit of Rs 3,610 crore in the year-ago period, Infosys said in a BSE filing.
 Its revenue grew 7.9 per cent to Rs 23,092 crore in the quarter under review from Rs 21,400 crore in the corresponding period last fiscal, it added.
 The company has raised its revenue outlook for FY2019-20 in constant currency to 10-10.5 per cent, from its topline guidance of 9-10 per cent given in October.
 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 ANS
ANS

Infosys shares jump over 5 pc post Q3 earnings

New Delhi, Jan 13 () Infosys' shares on Monday closed with nearly 5 per cent gains after the company reported a 23.7 per cent rise in consolidated net profit for the December 2019 quarter.
 The IT services major on Friday also said its audit committee has found no evidence of financial impropriety or executive misconduct, virtually giving a clean chit to CEO Salil Parekh and CFO Nilanjan Roy who were accused by anonymous whistleblowers of rigging the company's balance sheet.
 The scrip climbed 4.76 per cent to close at Rs 773.40 on the BSE. During the day, it jumped 5.32 per cent to Rs 777.55.
 On the National Stock Exchange (NSE), it gained 4.65 per cent to close at Rs 772.50.
 It was the top gainer on both Sensex and Nifty during the day.
 In terms of traded volume, 9.69 lakh shares of the company were traded on the BSE and 3.6 crore shares on the NSE during the day.
 The country's second-largest IT services major Infosys on Friday reported a 23.7 per cent rise in consolidated net profit at Rs 4,466 crore for the December 2019 quarter, which the company executives called satisfactory.
 The company had posted a net profit of Rs 3,610 crore in the year-ago period, Infosys said in a BSE filing.
 Its revenue during the October-December 2019 period grew 7.9 per cent to Rs 23,092 crore, compared with Rs 21,400 crore in the corresponding period last fiscal, it added.
 The company has raised its revenue outlook for 2019-20 in constant currency to 10-10.5 per cent, from its topline guidance of 9-10 per cent given in October.
 In October, Infosys had told 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 HRS

Infosys shares gain nearly 5 pc on Q3 earnings

<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>

You Searched For "salil parekh accusation" and got 12 results

Salil Parekh — the eye of the storm that surrounds Infosys

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