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Auditor clean chit a breather for Infosys: JN Gupta

Now we will have to wait for the final outcome or a decision, says JN Gupta.

ET Now|
Updated: Nov 04, 2019, 05.55 PM IST
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ET Now
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It seems the accounting entries that they have used, or past to present quarterly accounts appear to be in order.

As of now, they have not found anything against Infosys CEO, but it is a breather and that is where I would stop, says JN Gupta, Former ED, Sebi. Excerpts from an interview with ETNOW.

There appears to be a breather coming in for Infosys where the company is saying they have not received any evidence to corroborate the whistleblower’s allegations. What is your view on that?
The view is very simple. If the main allegations were in the accounting entries and if the auditor has given a clean chit that they have not found evidence of anything wrong, that means the major portion of the whistleblower complaint is incorrect based on the information that has been communicated by you to me.

If we say that auditors have given a clean chit and that so far, they have not found any wrong doing, that means the accounting entries that they have used, or past to present quarterly accounts appear to be in order. Now we will have to wait for the final outcome or a decision. But as of now, there is a breather for Infosys.

Would you say that they are just trying to clear the air by saying what has happened and what disclosures were made. If any investigation happened going ahead, they would continue to update investors?
I would agree with them and I would say that this is the status as on date or rather interim report or a progress report. They are saying the auditors have not found any evidence of wrongdoing. But there is no full stop as on date from the side of Infosys or from the side of auditor or from the investigator on enquiry person who is doing the enquiry or on part of Shardul Amarchand.

So the issue is very simple. As of now, they haven't found anything but it is a breather saying and that is where I would stop.

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