{"id":4053,"date":"2019-10-23T06:18:16","date_gmt":"2019-10-23T06:18:16","guid":{"rendered":"https:\/\/ncrfrontlinenews.com\/?p=4053"},"modified":"2019-10-23T06:18:16","modified_gmt":"2019-10-23T06:18:16","slug":"infosys-shares-plunge-16-nandan-nilekani-says-whistleblower-complaints-being-looked-into","status":"publish","type":"post","link":"https:\/\/ncrfrontlinenews.com\/?p=4053","title":{"rendered":"Infosys shares plunge 16%, Nandan Nilekani says whistleblower complaints being looked into"},"content":{"rendered":"<p><strong>New Delhi, <\/strong>IT services firm Infosys plummeted 16 per cent on concerns over a whistleblower complaint which alleges that two of the company&#8217;s top executives were indulging in unethical practices to increase short-term revenue and profits. The scrip plunged 15.94 per cent to Rs 645.35 on the BSE. On the NSE, it tanked 15.99 per cent to Rs 645.<\/p>\n<p>Infosys had said the whistleblower complaint has been placed before the audit committee as per the company&#8217;s practice, and that it will be dealt with in accordance with the company&#8217;s whistleblowers policy.<\/p>\n<p>According to reports, the complaint by a group that calls itself &#8220;ethical employees&#8221; had alleged CEO Salil Parekh and CFO Nilanjan Roy were indulging in &#8220;unethical practices&#8221; to boost short-term revenue and profits.<\/p>\n<p>&#8220;The whistleblower complaint has been placed before the audit committee as per the company&#8217;s practice and will be dealt with in accordance with the company&#8217;s whistleblowers policy,&#8221; Infosys said in a statement.<\/p>\n<p>In a statement on Tuesday, Infosys Chairman Nandan Nilekani said the company&#8217;s audit committee will conduct an independent investigation on whistleblower allegations.<\/p>\n<p>The committee began consultation with independent internal auditors EY, and has retained law firm, Shardul Amarchand Mangaldas &amp; Co. to conduct an independent investigation, Nilekani noted in his statement to the stock exchanges.<\/p>\n<p>&#8220;These complaints are being dealt with in an objective manner,&#8221; said Chairman of Infosys Ltd Nandan Nilekani.<\/p>\n<p>&#8220;The undated whistleblower complaint largely deals with allegations relating to the CEO&#8217;s international travel to the United States and Mumbai,&#8221; he said in a statement.<\/p>\n<p>Nilekani said the company&#8217;s statutory auditors Deloitte India has also been completely updated on this matter post the board meeting of October 11.<\/p>\n<p>An anonymous call from a group of employees who called themselves an ethical group sounded the alert and now the matter is being looked into.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New Delhi, IT services firm Infosys plummeted 16 per cent on concerns over a whistleblower complaint which alleges that two of the company&#8217;s top executives were indulging in unethical practices to increase short-term revenue and profits. The scrip plunged 15.94 per cent to Rs 645.35 on the BSE. On the NSE, it tanked 15.99 per [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":4054,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":{"0":"post-4053","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"_links":{"self":[{"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/posts\/4053","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4053"}],"version-history":[{"count":1,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/posts\/4053\/revisions"}],"predecessor-version":[{"id":4055,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/posts\/4053\/revisions\/4055"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/media\/4054"}],"wp:attachment":[{"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4053"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4053"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4053"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}