An anonymous whistleblower has raised concerns against Infosys for the delay in filing of Form 20F with the US Securities and Exchanges Commission.
An anonymous whistleblower has raised concerns against Infosys for the delay in filing of Form 20F with the US Securities and Exchanges Commission. Form 20F contains the detailed financials statements and other key risks to the company.
The whistleblower has addressed his concerns to both Indian and US regulators. His letter, reviewed by FE, said, “Infosys has not yet filed its Form 20F, which is the annual filing as required under the SEC rules. Normally, it has filed the Form 20F in May/June timeframe well in advance of the Annual General Meeting of its shareholders.” It also asks whether there is an ongoing probe by SEC against Infosys — “Is there any ongoing investigation by SEC and is there any connection to Ravi Venkatesan leaving the company and any investigations?”
“Strangely, this year, Form 20F has not been filed and the Annual General Meeting is already over. The ADR shareholders have been made to vote on the financial statements without getting the full information,” the whistleblower has said. However, experts are of the view that as per regulation the company has four months time from the end of any financial year to file Form 20F. “Infosys follows an April-March financial year and as per regulation, the company has time till the end of July. Previously, Infosys had done it before the AGM, this delay can be a reason for the letter,” said Shriram Subramaniam, managing director, InGovern research, a proxy advisory firm. When contacted, Infosys said in a statement, “The company will file the form 20F within the stipulated time and has sufficient time to do so. Speculation that the Form 20F is not filed in time or there is an ongoing SEC investigation is baseless and incorrect”.