Infosys Q3 results beat estimates, net profit up 23.5%. Audit Committee finds no evidence of financial impropriety, executive misconduct.
Standing Tall: IT giant Infosys today reported 23.5% Y-o-Y rise in net profit to ?4,457cr ($650m), beating estimates. Revenue was also up 7.9% at ?23,092cr ($3242m). The company also revised FY 20 revenue guidance to 10-10.5% in constant currency. Livemint
Clean and Clear: Infosys today reported that its Audit Committee has found no evidence of financial impropriety or executive misconduct following investigation into whistleblower allegations that accused its Chief Executive Officer (CEO) Salil Parekh and Chief Financial Officer (CFO) Nilanjan Roy of unethical practices in an attempt to boost revenues and profit in recent quarters. Moneycontrol
Stop Here: The Supreme Court today stayed an NCLAT order restoring Cyrus Mistry as Executive Chairman of the Tata Group, observing that there were "lacunae" in the orders passed by the Tribunal.
Hit Refresh: Tata Sons had challenged an National Company Law Appellate Tribunal (NCLAT) order that reinstated Cyrus Mistry as the Executive Chairman of Tata Sons and held the appointment of N Chandrasekaran, the current Chairman of Tata Sons, as Executive Chairman as "illegal".
FYI: Cyrus Mistry, who was the sixth chairman of Tata Sons, was ousted from the position in October 2016. ToI
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