An internal investigation constituted by Infosys into whistleblower’s allegations of improprieties relating to two acquisitions, of Panaya and Skava, has found no evidence of wrongdoing by the country’s second largest software services exporter.
“Gibson Dunn and Control Risks have now completed their detailed and extensive independent investigation and they did not find any evidence whatsoever of wrongdoing,” Infosys said in a regulatory filing.
In February 2015, Infosys had announced the acquisition of Israeli automation technology company for $200 million and in June of the same year, it completed the acquisition of e-commerce services provider Skava. In February this year, the Securities and Exchange Board of India had forwarded two anonymous whistleblower complaints alleging improprieties in connection with the acquisitions of Panaya and Skava in 2015 and inappropriate compensation to the CEO Vishal Sikka.
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CFO payout questioned
The anonymous complaint also included allegations relating to the propriety of the severance payout made to former Chief Financial Officer Rajiv Bansal.
For conducting an independent investigation into allegations raised by the whistleblower the audit committee of the Board of Directors of Infosys retained Gibson Dunn and Control Risks to conduct an internal investigation into allegations in two anonymous complaints.
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It had also appointed law firm, Khaitan & Company to provide legal counsel on Indian law matters associated with the anonymous complaint, independent investigation and related matters.
“The company had also fully cooperated with all requests for information from the SEBI regarding the anonymous complaints,” according to the Infosys filing.
The findings of the audit committee come a day before the thirty-sixth Annual General Meeting (AGM) of the Bengaluru-based information technology major.