Infosys Limited

On 22 October 2019 Infosys disclosed anonymous complaints that its chief executive and chief financial officer used unethical practices to boost short-term revenue and profit^S2. Its audit committee retained the law firm Shardul Amarchand Mangaldas & Co^S2. On 10 January 2020 the company said the investigation found no evidence of financial impropriety or executive misconduct^S3. In March 2020 it said the US SEC had concluded its investigation and it expected no further SEC action^S4. Its April 2020 results said there was no restatement^S1. A shareholder class action in the Eastern District of New York was voluntarily dismissed in May 2020^S5. It said in January 2021 it had answered all Indian regulatory inquiries^S6. No public finding by any regulator was found.

Also known as: Infosys
Headquarters: India
Records from: India, United States
Current status: Operating IT services company listed in India and the United States. The company says the US SEC told it in March 2020 that it had concluded its investigation into the 2019 whistleblower allegations^S1. It says it answered all inquiries from Indian regulators by 15 May 2020, with no outcome disclosed^S6. A related US shareholder class action was voluntarily dismissed without prejudice on 21 May 2020^S5.

Scope. This record covers the anonymous whistleblower allegations disclosed in October 2019 and what followed. It does not cover the 2017 Panaya and severance dispute or later insider trading orders.

Claims assessed

3 claims. Scores grade the evidence for each claim, not the organization.

Unresolved46
Anonymous whistleblowers alleged in 2019 that Infosys's chief executive and chief financial officer used unethical practices to boost short-term revenue and profit.
Press report, 22 October 20195 records citedAccounting
Partly supported61
Infosys said in January 2020 that its investigation found the whistleblower allegations substantially without merit and found no evidence of financial impropriety or executive misconduct.
Company statement, 10 January 20204 records citedAccounting
Outdated70
Infosys's April 2020 results said a shareholder class action over the allegations was pending in the Eastern District of New York and the company could not predict its outcome.
Company statement, 20 April 20202 records citedDisclosure

Cases and proceedings

Shareholder plaintiffs v. Infosys LimitedUS District Court for the Eastern District of New York. Civil. Not published.Stage: Voluntarily dismissed without prejudice on 21 May 2020.
- 21 May 2020 Plaintiff voluntarily dismisses the lawsuit without prejudice^S5
Inquiry concerning Infosys LimitedUS Securities and Exchange Commission. Regulatory. Not published.Stage: Concluded in March 2020, per the company.
- March 2020 SEC notifies Infosys that it has concluded its investigation^S1^S4
Inquiries concerning Infosys LimitedIndian regulatory authorities (not named in the filing). Regulatory. Not published.Stage: Company says it answered all inquiries, last on 15 May 2020. No outcome found as of October 2026.
- 15 May 2020 Infosys submits its last response^S6

Responses on record

Infosys Limited, 22 October 2019, on Anonymous whistleblowers alleged in 2019 that Infosys's chief executive and chief financia...
The chairman said the complaints were being dealt with in an objective manner.^S2
Infosys Limited, 10 January 2020, on Anonymous whistleblowers alleged in 2019 that Infosys's chief executive and chief financia...
Infosys said it found no wrongdoing and the allegations were substantially without merit.^S3

Revision history

25 October 2026 Profile and 3 assessments first published. Records checked to 25 October 2026.

Source records

S5Tier C Class action lawsuit against Infosys dismissed in USYourStory (Press Trust of India). Press report. 22 May 2020.Reports the voluntary dismissal without prejudice, citing the company. It is not the court docket.Link working, checked 25 October 2026
S1Tier B Statement of Consolidated Audited Results of Infosys Limited and its subsidiaries for the quarter and year ended March 31, 2020Infosys Limited (filed with the US SEC). Company filing. Not stated on the page. Refers to board approval on 20 April 2020.Company disclosure of the investigation, the SEC closure, no restatement and the pending class action. It is the company's own account.
S4Tier C Infosys Whistleblower Case: SEC Probe Over, No Further ActionThe Quint (Press Trust of India). Press report. 24 March 2020.Reports the company's statement that the SEC concluded its inquiry. No SEC document is cited.Link working, checked 25 October 2026
S6Tier B Form of Release to Stock Exchanges, results for the quarter and nine months ended December 31, 2020Infosys Limited (filed with the US SEC). Company filing. Auditor's report dated 13 January 2021.Company disclosure that it had answered all inquiries from Indian regulatory authorities on the whistleblower matter, with a last response on 15 May 2020. It states no outcome of those inquiries.
S2Tier C Infosys Chairman Says Whistleblower Complaint Being Probed As Shares Plunge 15%Outlook India (Press Trust of India). Press report. 22 October 2019.Reports the allegations and the audit committee's response. It does not test the allegations.Link working, checked 25 October 2026
S3Tier C Infosys audit panel absolves CEO Parikh, CFO RoyETV Bharat. Press report. 10 January 2020.Reports the company statement on the investigation result and its scope. The investigation was commissioned by the company.Link working, checked 25 October 2026