Infosys plunges 16% on whistleblower complaint
New Delhi: IT services firm Infosys on Tuesday plummeted 16 per cent on concerns over a whistleblower complaint which alleges that two of the company's top executives were indulging in unethical practices to increase short-term revenue and profits.
The scrip plunged 15.94 per cent to Rs 645.35 on the BSE. On the NSE, it tanked 15.99 per cent to Rs 645.
Infosys on Monday had said the whistleblower complaint has been placed before the audit committee as per the company's practice, and that it will be dealt with in accordance with the company's whistleblowers policy.
According to reports, the complaint by a group that calls itself "ethical employees" had alleged CEO Salil Parekh and CFO Nilanjan Roy were indulging in "unethical practices" to boost short-term revenue and profits.
"The whistleblower complaint has been placed before the audit committee as per the company's practice and will be dealt with in accordance with the company's whistleblowers policy," Infosys said in a statement.
In a statement on Tuesday, Infosys Chairman Nandan Nilekani said the company's audit committee will conduct an independent investigation on whistleblower allegations.
The committee began consultation with independent internal auditors EY, and has retained law firm, Shardul Amarchand Mangaldas & Co. to conduct an independent investigation, Nilekani noted in his statement to the stock exchanges.
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Five central organizations of Bhatkal hold joint condolence meet for SM Syed Khalil
Bhatkal: In a heartfelt tribute to SM Syed Khalil, popularly known as C.A. Khalil, five prominent organizations of Bhatkal came together for a joint condolence meeting at Jamia Masjid on Friday night. Khalil, a renowned NRI businessman and respected social and religious leader, passed away recently, leaving behind a legacy of dedicated service to the community.
The event was organized under the joint auspices of Markazi Khalifa Jamaat-ul-Muslimeen, Jamaat-ul-Muslimeen Bhatkal, Jamia Islamia, Anjuman Hami-e-Muslimeen, and Majlis-e-Islah-wa-Tanzeem. Several dignitaries spoke about Khalil’s life, his contributions to society, and his immense impact on education and public service.
Maulana Khaja Mohiuddin Akrami Nadvi, Chief Qazi of Markazi Khalifa Jamaat, described Khalil as a man of deep faith and integrity. “He carried out every task in his life with religious consciousness and immense belief in God,” he said.
Maulana Abdul Rab Khateeb Nadvi, Chief Qazi of Jamaat-ul-Muslimeen, highlighted Khalil’s selflessness, saying, “His simplicity and the great services he rendered without any expectation of reward are an example for all of us.”
Maulana Abdul Aleem Khateeb Nadvi, Khateeb and Imam of Jamia Masjid, emphasized Khalil’s dedication to public service. “He devoted his property, wealth, and personality entirely for the welfare of society. His life was a shining example of commitment to community service,” he remarked.
Speaking on behalf of Anjuman Hami-e-Muslimeen Education Society, Vice President Muhammad Sadiq Pillor lauded Khalil’s contributions to education. “His efforts, especially in promoting girls’ education, are invaluable. He extended his services beyond Uttara Kannada to various parts of the country,” he said.
Inayatullah Shabandri, President of Majlis-e-Islah-wa-Tanzeem, reflected on Khalil’s efforts to secure political representation for the Muslim community. “He worked tirelessly to build strong relationships with national and state leaders, paving the way for the progress of Bhatkal,” he said.
The meeting also saw participation from Khalifa Jamaat Deputy Qazi Maulana Aiman Nadvi, Jamaat-ul-Muslimeen Deputy Qazi Abdul Ahad Farkade Nadvi, Zubair Kola, and SM Arshad of Mohtisham Complexes Pvt. Ltd., among others. Each expressed their grief and admiration for Khalil’s contributions.
At the conclusion of the event, the five central organizations jointly passed a condolence resolution, emphasizing that Khalil’s passing was an irreparable loss not only to Bhatkal but also to the Muslim community across India.
“The void left by CA Khalil, who dedicated his entire life to the welfare of society and the nation, will be hard to fill,” the resolution noted.
The program was conducted by Abdul Raqeeb M.J., General Secretary of Majlis-e-Islah-wa-Tanzeem.
