Industry

Infosys to defend itself vigorously against the lawsuit filed in U.S.

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IT major to cooperate with Securities and Exchange Commission investigation

Information technology major Infosys Limited intends to defend itself vigorously in a lawsuit filed against the company in the anonymous whistleblower complaints.

The company is also aware of a securities class action lawsuit that has been filed against it in a federal court in the United States based on the generalised allegations in the anonymous complaints.

While providing an updated disclosure with regard to the anonymous whistleblower complaints, Infosys in a statement said, “The company intends to defend itself vigorously in such a lawsuit.”

The Securities and Exchange Commission (SEC) has initiated an investigation into the complaints.

“The company has been in touch with the SEC and the company will cooperate with the SEC’s investigation,” said the statement.

Also, the Securities and Exchange Board of India (SEBI) has requested additional information from the company concerning the anonymous complaints.

“The company will provide the information as per SEBI’s request,” said the statement.

In response to clarification sought from the exchange regarding its chairman Nandan Nilekani’s statement saying that the company has received whistleblower complaints, it said, “As disclosed in the company’s stock exchange filings made on October 22, 2019, the anonymous whistleblower complaints have been placed before the audit committee who has retained the law firm of Shardul Amarchand Mangaldas & Co. to conduct an independent investigation. Before conclusion of the investigation of the generalised allegations in the complaints, a disclosure under Regulation 30 of LODR Regulations was not required.”

The disclosure made on October 22, 2019 was to respond to multiple media inquiries and reports. The company undertakes to continue making timely disclosures as required under Regulation 30 of LODR Regulations, the statement added.

Infosys shares were trading down 1% at ₹ 644.1 in a weak Mumbai market on Thursday.

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Printable version | Dec 15, 2019 11:38:34 AM | https://www.thehindu.com/business/Industry/infosys-to-defend-itself-vigorously-against-the-lawsuit-filed-in-us/article29784238.ece

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