Whistleblower informs SEC of lapses by Infosys
The whistleblower claims Infosys failed to file Form 20F with the US SEC. Filing it is compulsory for overseas firms listed on US stock exchanges
Barely a day after Infosys non-executive Chairman Nandan Nilekani assured shareholders that the company will address concerns over governance issues, an anonymous whistleblower has written to the US Securities and Exchanges Commission pointing out alleged lapses by the firm.
The whistleblower claims that Infosys has not yet filed the mandatory Form 20F with the US SEC. The 20F contains a company’s annual report financials and key risk details, and submission of it is compulsory under the Securities Exchange Act of 1934, Economic Times reports.
Form 20F is a form specific to all “foreign private issuers” with equity shares listed on United States stock exchanges.
The whistleblower claims that the company usually files Form 20F during the period between May and June, prior to its Annual General Meeting; it alleges that American Depositary Receipt holders were asked to vote on financial statements without receiving full information on those statements.
Infosys held its 37th annual general meeting on Saturday.
Last year a whistleblower raised concerns over the acquisition by Infosys of Israeli firm Panaya, alleging that the Bangalore-based firm had overpaid, and that its former chief financial officer Rajiv Bansal was eased out for objecting.