Infosys pays Rs 6 lakh in compounding fees to settle ex-CFO Rajiv Bansal's severance payment row
4 years, 10 months ago

Infosys pays Rs 6 lakh in compounding fees to settle ex-CFO Rajiv Bansal's severance payment row

Firstpost  

Infosys had agreed to pay Bansal a severance amount of Rs 17.38 crore or 24 months of salary, but the company suspended payments after he got Rs 5 crore as co-founder NR Narayana Murthy and others objected to the package as excessive New Delhi: Infosys on Monday said it has paid Rs 6 lakh as compounding fees in the matter related to severance agreement with former CFO Rajiv Bansal. In November last year, Infosys submitted applications with the Registrar of Companies for compounding of certain alleged offences that pertain to matters related to the severance agreement executed with Bansal in October 2015. “The Regional Director vide its orders dated February 25, 2020, has agreed to compound the alleged offences applied for, subject to payment of compounding fees of Rs 6 lakh…” Infosys said in its filing on Monday. Infosys had agreed to pay Bansal a severance amount of Rs 17.38 crore or 24 months of salary, but the company suspended payments after he got Rs 5 crore as co-founder NR Narayana Murthy and others objected to the package as excessive.

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History of this topic

Infosys slapped with ₹32,403 crore GST notice for overseas expenses
5 months, 1 week ago

Infosys slapped with ₹32,403 crore GST notice for overseas expenses

The Hindu  

GST authorities have slapped a ₹32,403 crore notice on Infosys for services availed by the company from its overseas branches for five years starting in 2017. The Bengaluru-headquartered IT firm said Karnataka State GST authorities have issued a pre-show cause notice for payment of GST of ₹32,403 crore for the period July 2017 to March 2022 towards the expenses incurred …

Infosys CEO settles insider trading case with Sebi; pays ₹25 lakh
6 months, 1 week ago

Infosys CEO settles insider trading case with Sebi; pays ₹25 lakh

The Hindu  

Infosys CEO Salil Parekh settled charges for failing to place adequate internal controls to prevent insider trading at India's No.2 IT services exporter during a 2020 contract, the country's markets regulator said on Thursday. Mr. Parekh agreed to pay 2.5 million rupees to settle the markets regulator's charge, which related to a contract for Infosys to provide U.S. financial firm …

Infosys CEO Salil Parekh Settles Insider Trading Charges with SEBI, Pays Rs 25 Lakh for Inadequate Controls
6 months, 1 week ago

Infosys CEO Salil Parekh Settles Insider Trading Charges with SEBI, Pays Rs 25 Lakh for Inadequate Controls

Live Law  

Infosys' CEO Salil Parekh has settled charges of violating provisions of insider trading. IT services giant Infosys' CEO Salil Parekh has agreed to pay Rs 25 lakh for failing to have adequate controls to prevent insider trading. Under Regulation 9A of the SEBI Regulations, 2015, CEOs and MDs of listed companies are mandated to establish effective internal controls to prevent …

Cyber fraud alert! How Infosys techie lost Rs 3.7 crore to scamsters? 5 things to know
1 year, 1 month ago

Cyber fraud alert! How Infosys techie lost Rs 3.7 crore to scamsters? 5 things to know

India TV News  

Cyber fraudsters tricked a senior Infosys employee from Bengaluru into giving them Rs 3.7 crore. The Infosys employee fell prey to scamsters, who posed themselves as officials from the Central Bureau of Investigation, Telecom Regulatory Authority of India, and Mumbai Police. As per the report, the Infosys employee received a call from one of the miscreants on November 21, claiming …

Infosys cuts average variable pay for Q1 citing margin pressure
2 years, 4 months ago

Infosys cuts average variable pay for Q1 citing margin pressure

The Hindu  

Bengaluru Technology services firm Infosys has reduced the average variable payout to 70% for employees for the first quarter of this fiscal citing margin pressures it faced. Infosys’s e-mail comes days after Wipro decided to hold back variable components of its mid- and senior-level executives in the June quarter due to the same reason. NITES, a union for technology workers, …

Infosys CEO To Get Rs 80-Crore Salary: Revenue to Return, How Parekh Transformed Company
2 years, 7 months ago

Infosys CEO To Get Rs 80-Crore Salary: Revenue to Return, How Parekh Transformed Company

News 18  

Even as Infosys CEO Salil Parekh got a 43 per cent hike in his total compensation to Rs 71.02 crore per annum in 2021-22, the company has justified the increase in salary saying the firm has achieved industry-leading growth in recent years. Justifying the salary, the company in the report said, “Under Salil’s leadership, the company’s total shareholder return was …

Infosys Q2 Net Profit Up 20.5% at Rs 4,845 Cr, Announces Pay Hike with 100% Variable Pay to Employees
4 years, 2 months ago

Infosys Q2 Net Profit Up 20.5% at Rs 4,845 Cr, Announces Pay Hike with 100% Variable Pay to Employees

News 18  

India’s second-largest IT services company Infosys on Wednesday said its consolidated net profit grew by 20.5 per cent to Rs 4,845 crore for the September quarter, and it has raised revenue forecast to 2-3 per cent for FY21. The Bengaluru-based company’s revenues rose 8.5 per cent to Rs 24,570 crore in the quarter under review, from Rs 22,629 crore in …

Infosys sacks 3 employees held on fraud charges
4 years, 10 months ago

Infosys sacks 3 employees held on fraud charges

India TV News  

Global software major Infosys on Monday sacked three of its techies who were arrested on a bribe charge levelled by the Income Tax Department, said a company official. "The three were arrested for contacting taxpayers and promising to get them tax rebates in lieu of 4 per cent of the total amount involved," Bengaluru South East Division Deputy Commissioner of …

Infosys pays Rs 6 lakh in compounding fees to settle ex-CFO severance payment row
4 years, 10 months ago

Infosys pays Rs 6 lakh in compounding fees to settle ex-CFO severance payment row

India TV News  

Infosys on Monday said it has paid Rs 6 lakh as compounding fees in the matter related to severance agreement with former CFO Rajiv Bansal. In November last year, Infosys submitted applications with the Registrar of Companies for compounding of certain alleged offences that pertain to matters related to the severance agreement executed with Bansal in October 2015. "The Regional …

Infosys allots 2.23 lakh equity shares under 2015 Stock Incentive Compensation Plan
4 years, 10 months ago

Infosys allots 2.23 lakh equity shares under 2015 Stock Incentive Compensation Plan

India TV News  

IT services major Infosys on Thursday said it has allotted 2.23 lakh equity shares under its 2015 Stock Incentive Compensation Plan to the CEO, COO and other eligible employees. In a regulatory filing, Infosys said it "has allotted 2,23,297 equity shares under the 2015 Stock Incentive Compensation Plan to the eligible employees of the company on February 26, 2020, pursuant …

Infosys shares jump over 5% after company reports 24% rise in consolidated net profit for December quarter
4 years, 11 months ago

Infosys shares jump over 5% after company reports 24% rise in consolidated net profit for December quarter

Firstpost  

New Delhi: Shares of Infosys on Monday jumped over 5 percent after the company reported a 23.7 percent rise in consolidated net profit for the December quarter. Infosys on Friday said its audit committee has found no evidence of financial impropriety or executive misconduct, virtually giving a clean chit to CEO Salil Parekh and CFO Nilanjan Roy who were accused …

Infosys faces yet another class-action lawsuit in US to recover losses suffered by investors
5 years ago

Infosys faces yet another class-action lawsuit in US to recover losses suffered by investors

Firstpost  

US-based Schall Law Firm has said it will file a class-action lawsuit against Infosys Ltd to recover losses suffered by investors in the wake of allegations of “unethical practices” at the Indian IT major New Delhi: US-based Schall Law Firm has said it will file a class-action lawsuit against Infosys Ltd to recover losses suffered by investors in the wake …

Infosys plans to hire another law firm to strengthen investigation into whistleblowers' allegations: Report
5 years, 1 month ago

Infosys plans to hire another law firm to strengthen investigation into whistleblowers' allegations: Report

Firstpost  

A whistleblower letter stating alleged financial misconduct and “unethical practice” against Infosys Chief Executive Officer Salil Parekh and chief financial officer Nilanjan Roy Infosys is considering appointing law firms JSA Law or Khaitan & Co in a bid to strengthen the investigation into allegations by whistleblowers against top company executives, people familiar with the development told Moneycontrol. “There is no …

Infosys row: Govt seeks details on wistleblower complaint to US market regulator against IT firm's management
5 years, 2 months ago

Infosys row: Govt seeks details on wistleblower complaint to US market regulator against IT firm's management

Firstpost  

Last week, it was reported that the market regulator Securities and Exchange Board of India might seek clarification from Infosys management on charges levelled by the whistleblower. The government reportedly asked details from Information Technology major Infosys about the whistleblower’s complaint to the US market regulator against the company’s management, said a media report. After a group namely ‘Ethical Employees’ …

Infosys row: SEBI starts probe against IT-company over whistleblower charges, corporate governance lapses
5 years, 2 months ago

Infosys row: SEBI starts probe against IT-company over whistleblower charges, corporate governance lapses

Firstpost  

Markets regulator SEBI has begun its probe into alleged non-disclosure of price-sensitive information by Infosys’ management and also corporate governance lapses in the wake of serious allegations levelled by a whistleblower, while it is also examining possible insider trading in the company’s securities New Delhi: Markets regulator SEBI has begun its probe into alleged non-disclosure of price-sensitive information by Infosys’ …

SEBI starts probe against Infosys over whistleblower charges
5 years, 2 months ago

SEBI starts probe against Infosys over whistleblower charges

India TV News  

Markets regulator Sebi has begun its probe into alleged non-disclosure of price-sensitive information by Infosys' management and also corporate governance lapses in the wake of serious allegations levelled by a whistleblower, while it is also examining possible insider trading in the company's securities. Meanwhile, leading exchange BSE on Wednesday asked Infosys to explain why it did not make a disclosure …

BSE seeks explanation from Infosys on non-disclosure of whistleblower complaint
5 years, 2 months ago

BSE seeks explanation from Infosys on non-disclosure of whistleblower complaint

India TV News  

Leading exchange BSE on Wednesday asked Infosys to explain why it did not make a disclosure about a whistleblower complaint which alleged that the company's top executives were following "unethical practices" to shore up profits through irregular accounting ways. On Tuesday, Infosys Chairman Nandan Nilekani said the whistleblower complaint dated September 20 had been placed before the audit committee on …

Infosys headed for more trouble; SEBI may seek clarification on whistleblower's complaint, says report
5 years, 2 months ago

Infosys headed for more trouble; SEBI may seek clarification on whistleblower's complaint, says report

Firstpost  

The Securities and Exchange Board of India may seek clarification from Infosys’ management on charges level levelled by the whistle-blower Infosys is headed for a deeper crisis with news reports suggesting the Securities and Exchange Board of India, market regulator, is likely to seek clarification from the IT giant over the complaint. The Securities and Exchange Board of India may …

Infosys shares nosedive nearly 17% on whistleblower complaint; market-cap drops by Rs 53,451 cr
5 years, 2 months ago

Infosys shares nosedive nearly 17% on whistleblower complaint; market-cap drops by Rs 53,451 cr

Firstpost  

Shares of IT services firm Infosys on Tuesday plummeted nearly 17 percent, wiping Rs 53,451 crore from its market valuation, on concerns over a whistleblower complaint which alleged that two top executives of the company were indulging in unethical practices to increase short-term revenue and profits New Delhi: Shares of IT services firm Infosys on Tuesday plummeted nearly 17 percent, …

Infosys share price crash wipes ₹53,452 crore off its market value in a day
5 years, 2 months ago

Infosys share price crash wipes ₹53,452 crore off its market value in a day

Live Mint  

Shares of Infosys Ltd today crashed 16% to ₹643.30 after India's No.2 software services exporter said it is investigating whistleblower claims accusing its top two executives of "unethical practices" to boost short-term profit. The allegations could start a fresh storm at Infosys, which just two years ago endured a shake-up that saw its then CEO Vishal Sikka leave after a …

Infosys investors lose ₹53,000 crore as shares tank amid row over CEO
5 years, 2 months ago

Infosys investors lose ₹53,000 crore as shares tank amid row over CEO

Hindustan Times  

Shares of IT services firm Infosys on Tuesday plummeted nearly 17 per cent, wiping ₹53,451 crore from its market valuation, on concerns over a whistleblower complaint which alleged that two top executives of the company were indulging in unethical practices to increase short-term revenue and profits. In a statement on Tuesday, Infosys Chairman Nandan Nilekani said the company’s audit committee …

Infosys Whistleblower Drama: Stocks Down, Chairman Tries Damage Control
5 years, 2 months ago

Infosys Whistleblower Drama: Stocks Down, Chairman Tries Damage Control

The Quint  

Infosys shares opened with severe losses and plunged 15 percent on Tuesday, 22 October, following a whistleblower complaint alleging “unethical practices” by the company’s Chief Executive Officer Salil Parekh and Chief Financial Officer Nilanjan Roy. Infosys stocks were trading over 13 percent lower at Rs 667.40 a share after falling as much as Rs 645.35 a piece. An anonymous letter …

Infosys settles case with Sebi, pays ₹34 lakh towards settlement
5 years, 10 months ago

Infosys settles case with Sebi, pays ₹34 lakh towards settlement

Live Mint  

New Delhi: IT major Infosys has settled with Sebi a case of alleged disclosure lapses regarding severance payment made to its former chief financial officer Rajiv Bansal. The company paid ₹34.35 lakh to settle the case with the markets regulator, according to an order. The company in its meeting with the regulator's internal committee in February 2018 proposed to pay …

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