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Infosys Denies Investigation by US SEC

Global software major Infosys on Monday denied an investigation by the US regulatory watchdog SEC against it and said it would file Form 20F within the stipulated time.

“Speculation that the Form 20F is not filed in time or there is an ongoing SEC investigation is baseless and incorrect,” an Infosys official told IANS here.

Responding to media reports on a whistleblower complaint that the company had not filed the form with the US Securities and Exchange Commission (SEC) before its Annual General Meeting (AGM) here on June 23, the official of the IT major said the form would be filed within the stipulated time.

“The company will file the Form 20F within the stipulated time and has sufficient time to do so,” said the official.

According to the Securities Exchange Act, foreign private firms whose equity shares are listed on bourses like the New York Stock Exchange (NYSE) or Nasdaq for trading have to submit the annual report within six months of their fiscal year.

The outsourcing firm’s blue chip shares are listed and traded on NYSE overseas and on the BSE and NSE in India.

The SEC or Indian market regulator SEBI have, however, not confirmed receiving the complaint from the anonymous whistleblower.

“Infosys had not yet filed its Form 20F which is the annual filing required under the SEC rules,” said the complaint to SEC Chairman and SEBI (Securities Exchange Board of India).

The whistleblower also claimed that the $10.9-billion firm had in the past filed the 20F Form in May/June and well in advance to the AGM.

“Form 20F is necessary for the ADR (American Depository Receipts) shareholders as it is the annual report for them, containing information to vote on the financials,” said the complainant.

The whistleblower also accused the firm of making its investors vote on the financial statements without getting the full information.

“Form 20F will contain the effectiveness of internal controls, key risks, and others which are relevant for ADR shareholders to approve the financials,” said the whistle blower. – Business Standard

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