Infosys Says No Prima Facie Evidence Found on Whistleblower Complaints Against CEO, CFO

Infosys: No evidence found on whistleblower complaints. Yes Bank: CEO tells the reason behind the four-fold rise in NPAs. 

 

INDIA INC

Infosys says no prima facie evidence found on whistleblower complaints. 

Indian IT giant Infosys has said that no prima facie evidence was found to prove the allegations made by a group of whistle-blowers against the Chief Executive Officer (CEO) Salil Parekh and Chief Financial Officer (CFO) Nilanjan Roy regarding their involvement in unethical practices in an attempt to boost revenues and profit in recent quarters. 

 

In a letter to the National Stock Exchange, Infosys said that the anonymous complaints were still under investigation and it was not in a position to determine “concreteness, credibility and materiality of complaints.”

Share price jumps 6%. 

Infosys share price rose c. 6% on the back of the news before closing at INR710.10 (+3.23). Reuters

Yes Bank CEO Ravneet Gill tells why the private lender's NPAs rose four-fold in a year.

Yes Bank posted a net loss of INR600cr for the September quarter - the biggest loss for the bank since its listing after the INR1506cr loss in the quarter ending March this year, primarily on account of a one-off DTA adjustment of INR709cr due to the change in the corporate tax regime.

 

Gross non-performing assets (NPAs) saw a huge surge, jumping over four-fold to INR17,134cr vs INR3,866cr in the corresponding period of the previous year. NPAs soared from 0.84% in Q2 FY19 to 4.35% in Q2FY20.  

 

YES Bank’s MD & CEO Ravneet Gill noted that the rise slippages was driven by unfortunate and unforeseen and external circumstances including crisis at Cox & Kings, CG Power, and CCD. He also noted that these troubled firms were not victims of the ongoing economic slowdown but financial trouble brewing internally. Financial Express

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