Infosys Denies U.S. SEC Probe, Says Has Sufficient Time To File Key Documents
Infosys Ltd., India’s second-largest IT services firm, today asserted it has sufficient time to file a key U.S. regulatory document — the subject of a recent whistleblower complaint — and said the filing would be made within the stipulated time.
The company also denied reports that there is an ongoing probe by the U.S. Securities and Exchange Commission, terming any speculation to that effect baseless and incorrect.
“This is to clarify that the company will file the Form 20F within the stipulated time and has sufficient time to do so. Speculation that the Form 20F is not filed in time or there is an ongoing SEC investigation is baseless and incorrect,” Infosys said in a regulatory filing today.
This came after an anonymous whistleblower flagged concerns about the firm not filing with the U.S. market regulator the stipulated Form 20F, a key document outlining the financials and critical risks to the company, generally filed between May and June. “The company’s undue delay in filing Form 20F with its deafening silence on any reason for such delay raises several questions and risks to the shareholders,” the whistleblower said in a letter to both Indian and U.S. market regulators.
Form 20F has to be filed by foreign companies with listed equity shares on exchanges in the U.S. Infosys is also listed on the NYSE. The form calls for the submission of an annual report within six months of the end of the company’s financial year.