Infosys Non-Executive Chairman Nandan Nilekani on Tuesday said the external investigations conducted by independent entities were comprehensive and robust.
The investigation conducted by Gibson, Dunn & Crutcher, and Control Risks, neither of whom had any prior dealings with Infosys, also included a review of the previous two probes by Cyril Amarchand Mangaldas (CAM).
They concluded that CAM’s investigations were thorough and its findings and conclusions were reasonable and credible based on the evidence. .
The investigation involved interviews of over 50 witnesses worldwide, a review of company policies, board minutes; public filings and internal documents; the collection, search and review by Gibson Dunn attorneys of many thousands of internal emails and attachments; the use of forensic accounting experts to analyse technical and financial information; the review of media accounts and public records in multiple countries; the review of the previous investigation reports issued by CAM and supporting documentation, and other investigative measures.
Gibson Dunn, an international law firm and Control Risks, a global risk consultancy firm, in the report said:
1. We found no evidence supporting the whistleblower’s allegations regarding the acquisitions — there were no conflicts of interest or kickbacks, required approvals were obtained, thorough due diligence was conducted, the valuations of the target firms done by an outside financial advisor were reasonable, and the purchase prices were within the range of values determined by that advisor.
2. We found no evidence of inappropriate contracting.
3. We found no evidence that the M&A team failed to obtain appropriate approvals.
4. We found no evidence that the CEO received excessive variable compensation or incurred unreasonable expenses for security, travel and the Palo Alto office.