Even God can't change our numbers : Infosys chairman

IT major Infosys chairman Nandan Nilekani has said that even God cannot change numbers in Infosys. Addressing analysts at the Infosys analysts meet on Wednesday, he said that the company was following due processes and will provide a summary of the investigation into allegations of financial impropriety made by anonymous whistleblowers two weeks ago.

On October 21, a letter by an anonymous whistleblower group was put out by Deccan Herald, alleging fudging of financial statements, racism, and misogyny by the company's CEO & MD Salil Parekh.

The letter alleged that Parekh had inflated profits and revenue and has been foregoing due diligence in signing large deals. The letter also alleged that the company's chief financial officer Nilanjan Roy has been hand in glove with Parekh in fudging accounts. Infosys had appointed Shardul Amarchand Mangaldas to investigate the claims. It is also facing a class-action suit in the United States.

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Nilekani said that the finance team felt insulted by the allegations. "We at Infosys take whistleblower complaints very seriously. The audit committee, while serving as a custodian, has brought on an external team to investigate the complaint," he said.

He added that though the company is under “no obligation to put out every investigative report,” it will provide a summary of the investigation once it is complete."

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Nilekani said that Infosys has grown 11.4% over the last four quarters with Salil Parekh at the helm of affairs. He said, "Infosys is committed to following highest corporate governance standards. Everything is being done to ensure that the business does not suffer."He added that the company is reaching out to customers as well.
In a filing to the BSE on Wednesday morning, Infosys had condemned insinuations against the co-founders and former colleagues, suggesting their involvement in the whistleblower allegations.

“These speculations are appalling and seem to be aimed at tarnishing the image of some of the most accomplished and respected individuals. I have a deep regard for the life-long contribution of all our cofounders. They have built this institution and have served this company selflessly and even today, remain committed to the long-term success of Infosys.”
Following Nilekani's statements, Infosys shares closed at 712.30 on Wednesday, up almost 2% from their close on Tuesday.