Infosys denies allegations made by whistle blower’s letter


We categorically state that no member of the Infosys management team

was involved in any prior investments in Panaya, and insinuations that anyone

from the management team at Infosys benefitted from this acquisition

are misleading and slanderous”, the statement read.

Regardless of the malicious intent of this

anonymous letter,

the company will pursue its normal course of action and investigate the charges made.

As stated before,

the company will respond to all queries received either

directly or from the regulatory authorities, as per its process.

Furthermore, in a detailed clarification,

Infosys raised certain pointers with regards

to the Panaya acquisition.Infosys has a strong, established internal process to evaluate

acquisition targets and make investments.

Also Read ऑर्गैनिक फ़ूड की बढ़ती माँग,लोगों में बढ़ती जागरूकता घर पर पैदा कर रहे है सब्ज़ियाँ

In the case of Panaya, all the requisite steps in this process were followed.

The valuation was done by Deutsche Bank, the financial and tax due

diligence was done by one of the Big four firms and legal diligence was done

by a leading law firm – Kirkland & Ellis.

The management presented the rationale behind the acquisition –

including synergies and business potential to the Board,

along with necessary reports and findings. The Board deliberated the acquisition,

and unanimously approved the investment which was well with in the valuation

range determined by the evaluator.


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