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Infosys CEO Salil Parekh, CFO Nilanjan Roy accused of unethical practices

Infosys CEO Salil Parekh, CFO Nilanjan Roy accused of unethical practices


Mangalore Today News Network

Mumbai, Oct 21, 2019: A whistleblower’s complaint has once rocked India’s IT major Infosys. This time around, the complaints are against CEO Salil Parekh.

Parekh and Roy have been accused of indulging in unethical practices, according to media reports, after the whistleblower’s group, called Ethical Employees, reportedly sent a complaint to the US Securities and Exchange Commission and the Infosys board against him, Yahoo reported.

 

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"Parekh and Roy have been resorting to unethical practices for many quarters, as evident from their e-mails and voice recordings of their conversations," said the complainants, who called themselves ’ethical employees’ in a two-page letter to the Bengaluru-based IT behemoth’s board of directors on 20 September, a copy of which has been accessed by IANS.

The whistleblower’s report alleged that Parekh directed his senior employees to make wrong assumptions to show the margins, according to a report in The Hindu Business Line.

The employees’ group, Ethical Employees, in a letter dated 22 September 2019, claimed that they have voice recordings of the chief executive officer (CEO) and the chief financial officer (CFO), Nilanjan Roy, in their possession to prove the allegations against Parekh, said a report in Business Today.

Sanghrajka’s second innings at Infosys began after he was appointed as the interim CFO.

He had rejoined the company in December 2012 as vice president and corporate financial controller. Prior to that, he was with IT major from 2000 to 2007 as general manager, finance.

Whistleblower complaint against Infosys earlier, too

In 2017, a whistleblower report had alleged wrongdoings by Infosys and some officials in the $200 million acquisition of Israeli automation technology firm Panaya by the Bengaluru-based IT services firm. An internal audit committee set up by Infosys later found no evidence supporting the whistleblower’s allegations.

However, Infosys founder N R Narayana Murthy had demanded that the full report by Gibson, Dunn and Crutcher on these whistleblower allegations be made public.

Later in October 2017, the Infosys board€"under its then new chairman Nandan Nilekani€"gave a clean chit to the controversial Panaya acquisition, saying there was no merit in the allegations of wrongdoing.

It had also said that after a "careful re-consideration" it has concluded that putting out more details of the probe would "inhibit the company’s ability to conduct effective investigations into any matter in the future".


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