(Image source from: Thehindu.com)
Infosys CEO Accused of Unethical Practises:- Infosys happens to be the second-largest IT service company. In the latest development, it is heard that the employees allegedly complained to the US Securities and Exchange Commission (SEC) along with the Infosys Board that CEO Salil Parekh indulged into unethical practises to boost short-term revenues and profits. The group of employees also claimed that they had emails and voice recordings to prove that Infosys is into such practises.
The US Labour Department's Office received emails dated September 20th 2019 and October 3rd 2019 respectively enclosing documentary evidence and voice records on their allegations. The email said that they have not sent to the company as their identity would be revealed out. Salil Parekh bypassed reviews and approvals for the large deals. The issue was first reported by Financial newspaper and the complaint alleges that Salil Parekh directed his key employees to make assumptions to show margins.
Salil Parekh along with the Financial officer Nilanjan Roy pressurized the finance team to show more profits in their treasury management. The American Depository Receipt (ADR) of Infosys slumped 16% on the Nasdaq exchange on Monday. The Securities and Exchange Board of India (SEBI) had even set up a probe committee to find out the truth.