Thursday, November 20, 2014

Sackings at Infosys :Overbilling Apple led to more sackings at Infosys, co launches internal probe

Overbilling Apple led to more sackings at Infosys, co launches internal probe

More heads will roll at Indian IT bellwether Infosys following the sacking of its BPO unit CFO Abraham Mathews for not complying with the company's code of conduct.
The Economic Times reported today that Infosys will sack six more employees after internal investigations revealed that they had produced inflated invoices and purportedly overbilled Apple for many months.  A whistleblower's complaint had alleged that invoices to client Apple had been inflated.
The sacking of employees underscore the company's zero tolerance towards financial misconduct.
"The sources insisted the amount involved was "financially insignificant", but the company was taking harsh action nevertheless to make an example of the case that has become an unwelcome distraction for new CEO Vishal Sikka as he seeks to recapture the IT bellwether status for Infosys," reported Economic Times.
"The financial irregularities are not material in nature and the company has already made required disclosures. The company has taken disciplinary action on employees. We will not be able to comment on client specific matters or on investigation as they are confidential in nature," Infosys said.
Infosys, in a stock market filing, had also said the unit's chief executive, Gautam Thakkar, had resigned on "moral grounds" and would leave the company on Nov 30.
This departure is in keeping with the company's goal of setting the highest standards of corporate governance and adhering to the letter and spirit of the company's code of conduct, Infosys said.
Infosys has also appointed a committee to oversee the probe panel and make recommendations on the future course of action, reported CNN IBN.
Infosys named Anup Uppadhayay and Deepak Bhalla, both company veterans, as the unit's chief executive and chief financial officer respectively.
FBiz 20 Nov 2014

No comments:

Post a Comment