“Our goal is to close this (investigation) in the best possible time. I really can’t give any timeline because that will not be fair to the investigators,” Nilekani said.
For the first time since the whistle-blower allegations rocked Infosys, its co-founder and chairman, Nandan Nilekani, on Wednesday came out in full support of the current management in execution of its growth strategy. He also vouched for “strong processes” in place at Infosys, saying that even god can’t tweak the financial numbers at the information technology (IT) services firm.
“Infosys has very strong processes. Even god can’t change (financial) numbers in this company. We have an outstanding finance team with people of highest integrity and they are actually feeling insulted due to these accusations,” Nilekani said at the post-earnings analyst call. “But, again, I don’t want to be biased when the investigation is on. So, let the report come.”
In a letter dated September 20, an anonymous group calling itself ‘Ethical Employees’ alleged that Infosys’ management was taking “unethical” steps to inflate short-term revenue and profit. According to the allegations, while around $50 million of visa cost had been deferred, revenue recognition in large deals was not in compliance with the accounting standards. The audit committee of the company is investigating the matter.
“Our goal is to close this (investigation) in the best possible time. I really can’t give any timeline because that will not be fair to the investigators,” Nilekani said. Despite the distraction created by these whistle-blower allegations, the non-executive chairman of the board said, it was business as usual for the firm and the large deal flow remained robust on the back of strong support from customers.
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