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Whistleblower to SEBI: Fix responsibility for Infy sale of Israeli firm Panaya

Bengaluru | Updated on April 15, 2018 Published on April 15, 2018

An anonymous whistleblower has sent a letter to SEBI asking for accountability on the Infosys board’s decision to sell Israeli firm Panaya and Skava three years after acquiring them.

“As a regulator I request you to ask the board of Infosys to fix accountability for this transaction and take action against people who had approved these transactions,” the whistleblower said in an e-mail.

It was also marked to the US market regulator, SEC.

On Friday, at its fourth quarter and full year results, Infosys said that corresponding write-down in the investment value of Panaya in the standalone financial statements of Infosys is ₹589 crore ($90 million). This was done after a strategic review meeting which included Chairman Nandan Nilekani, new CEO Salil Parekh and other key management personnel.

Further, Infosys said upon reclassification, an impairment loss of ₹118 crore ($18 million) in respect of Panaya has been recognised in the consolidated profit and loss for the quarter and year ended March 31, 2018.

Accordingly, assets amounting to ₹2,060 crore ($316 million) and liabilities amounting to ₹324 crore ($50 million) in respect of the disposal group have been reclassified and presented as ‘held for sale’, Infosys said.

Published on April 15, 2018
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