Global software giant Infosys has denied claims of an investigation by the United States Securities and Exchanges Commission (SEC) after it was revealed by a whistleblower that the organisation had not filed its Form 20F in time.
The firm said that there was no investigation by the US regulatory watchdog and that it would file Form 20F within the stipulated time, calling all allegation 'baseless'.
Responding to media reports on a whistleblower complaint that the company had not filed the form with the US Securities and Exchange Commission (SEC) before its Annual General Meeting (AGM) here on June 23, the official of the IT major said the form would be filed as the company had plenty of time.
According to the Securities Exchange Act, foreign private firms whose equity shares are listed on bourses like the New York Stock Exchange (NYSE) or Nasdaq for trading have to submit the annual report within six months of their fiscal year.
The outsourcing firm's blue-chip shares are listed and traded on NYSE overseas and on the BSE and NSE in India.
The SEC or Indian market regulator Securities Exchange Board of India (SEBI) has, however, not confirmed receiving the complaint from the anonymous whistleblower. "Infosys had not yet filed its Form 20F which is the annual filing required under the SEC rules," said the complaint to SEC Chairman and SEBI.
The whistleblower also claimed that the $10.9-billion firm had in the past filed the 20F Form in May/June and well in advance to the AGM. "Form 20F is necessary for the ADR (American Depository Receipts) shareholders as it is the annual report for them, containing information to vote on the financials," said the complainant.
The whistleblower also accused the firm of making its investors vote on the financial statements without getting the full information.
"Form 20F will contain the effectiveness of internal controls, key risks, and others which are relevant for ADR shareholders to approve the financials," said the whistleblower.
[With inputs from IANS]