Bengaluru, May 23, 2018
A whistleblower has written to the market regulators in India and the US to take action against the Infosys board and claimed the “current board led by Nandan Nilekani failed to uphold the highest traditions of corporate governance practised by the company” and is “a huge disappointment”.
The anonymous whistleblower, in a fresh letter to to Securities and Exchange Board of India (SEBI) and the US Securities and Exchanges Commission, wrote Infosys had quietly revealed in the annual report that they had signed agreements for mutual release of claims with Seshasayee, the earlier chairman of the board and Jeff Lehman, who was earlier head of nominations and remunerations committee of the board.
“The only reason why company signed such claim release agreement with those directors is because they found certain wrong doings in the investigation reports. The release of which will be damning indication on the company and those directors,” the whistleblower wrote, requesting SEBI to probe “why such agreements were not disclosed to shareholders immediately in August 2017 when it was signed”.
Last month, in another letter, the whistleblower raised concerns over “inconsistency within a year from defending the acquisition of Panaya and its approval to sell the company”.
In today’s letter, the whistleblower has asked SEBI to probe “has the investigations report directly or indirectly fixed responsibility on these directors for the wrong doings related to bansal severance payments and the shady acquisitions”. It also questioned “why such agreement was signed only with this three independent directors and not with any other independent directors who left including Ravi Venkatesan.
[The Economic Times]