LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » Companies News

Infosys refutes whistleblower's charges on Panaya deal

"We refute the allegations made in the anonymous whistleblower letter. The assertions are libellous and aimed at tarnishing the company`s image and its management," asserted the IT major in a statement here.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Infosys refutes whistleblower's charges on Panaya deal
The whistleblower is reported to have mailed the letter to the Indian market regulator Sebi in Mumbai. Photo: Reuters
Written By: IANS
Updated: Tue, Feb 21, 2017
07:26 am
Bengaluru, IANS
RELATED NEWS
Top Stocks to Buy - Infosys, Dr Lal Pathlabs, JSW Steel, Ramco Cements hit 52-week high; which stocks to buy, now? Top Stocks to Buy - Infosys, Dr Lal Pathlabs, JSW Steel, Ramco Cements hit 52-week high; which stocks to buy, now?
HCL Tech, Infosys, Wipro and Tech Mahindra: Trading strategies and Fundamentals highlighted ahead of result season HCL Tech, Infosys, Wipro and Tech Mahindra: Trading strategies and Fundamentals highlighted ahead of result season
Takeaways from Accenture Q2 FY21 Results: Jefferies top pick is Infosys from IT sector Takeaways from Accenture Q2 FY21 Results: Jefferies top pick is Infosys from IT sector
Infosys, HCL Tech are top stock picks of HDFC Securities I Key highlights for Investors Infosys, HCL Tech are top stock picks of HDFC Securities I Key highlights for Investors
Infosys Share price: Sharekhan retains Buy rating with a price target of Rs 1650 Infosys Share price: Sharekhan retains Buy rating with a price target of Rs 1650

Global software major Infosys on Monday refuted charges by an anonymous whistleblower, who alleged that its executives had personal interests in buying the US-based Panaya firm for $200 million in February 2015.

"We refute the allegations made in the anonymous whistleblower letter. The assertions are libellous and aimed at tarnishing the company`s image and its management," asserted the IT major in a statement here.

The whistleblower is reported to have mailed the letter to the Indian market regulator Securities Exchange of India (Sebi) in Mumbai.

The city-based outsourcing firm acquired the automation technology firm to offer large-scale enterprise software management as a service to its global clients.

Stating that no member of the management team had investments in the deal, the company said insinuations on anyone in the team benefitting from its acquisition were misleading and slanderous.

"Regardless of the malicious intent of the letter, we will pursue its normal course of action and investigate the charges made," pointed out the statement.

Clarifying to the charges on the buyout, the company said it had a strong internal process to evaluate acquisition targets and make investments.

When the management presented the rational for the deal, the Board deliberated and approved the investment, as it was within the valuation range.

Terming the charge that $20 million invested in Panaya before the deal was distributed to shareholders untrue, the company said when bought, it had $18.6 million (Rs.116 crore) cash balance as disclosed in fiscal 2014-15 annual report.

"Panaya was looked at as an acquisition candidate based on its strategic fit. There was no conflict of interest due to CEO Vishal Sikka`s association with its investor Hasso Plattner, when the former was with SAP enterprise software firm," added the statement.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
InfosysInfosys Whistleblower LetterPanayaInfosys - Panaya dealPanaya dealInformation technologySebiVishal SikkaHasso PlattnerSAP enterpriseInvestments
RELATED NEWS
Top Stocks to Buy - Infosys, Dr Lal Pathlabs, JSW Steel, Ramco Cements hit 52-week high; which stocks to buy, now? Top Stocks to Buy - Infosys, Dr Lal Pathlabs, JSW Steel, Ramco Cements hit 52-week high; which stocks to buy, now?
HCL Tech, Infosys, Wipro and Tech Mahindra: Trading strategies and Fundamentals highlighted ahead of result season HCL Tech, Infosys, Wipro and Tech Mahindra: Trading strategies and Fundamentals highlighted ahead of result season
Takeaways from Accenture Q2 FY21 Results: Jefferies top pick is Infosys from IT sector Takeaways from Accenture Q2 FY21 Results: Jefferies top pick is Infosys from IT sector
Infosys, HCL Tech are top stock picks of HDFC Securities I Key highlights for Investors Infosys, HCL Tech are top stock picks of HDFC Securities I Key highlights for Investors
Infosys Share price: Sharekhan retains Buy rating with a price target of Rs 1650 Infosys Share price: Sharekhan retains Buy rating with a price target of Rs 1650

LATEST NEWS

MP Board Class 10, Class 12 admit card 2021 released; Know how to get it, correction window and other important details

CBSE exams 2021 cancellation demand: Board has big update for Class 10, 12 students

FD fraud: SBI issues alert for customers, says avoid THESE things or else you will lose money

NURECA Share Price hits 20% UPPER CIRCUIT: Know the reason WHY

Gold price: Resistance, support for MCX Gold REVEALED, check crucial levels

This stock hit all-time high today, soars over 13% - check what analyst has to say

Cipla is top GAINER on Nifty today, expert says BUY this share with price target of Rs 978

7th pay Commission: This is what Centre said about pending DA installments; staffers to get it by 'this' month

West Bengal election 2021: LIVE UPDATES! 66.76% voter turnout recorded till 3:39 pm; 4 people killed, 4 injured in firing incidents

Indian Railways to provide service as per demand; 1402 specials, 5381 Suburban trains already in operation, says Railway Board chairman

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved