Audit finds no evidence of wrongdoing in Panaya deal: Infosys

IT major Infosys on Friday said its internal audit committee has found no evidence supporting a whistleblower’s allegations of improprieties related to the Panaya acquisition.

In February, Infosys had said it will investigate claims levelled by the whistleblower in an anonymous mail to market regulator Sebi, alleging wrongdoings by the company when in buying Israeli automation technology firm Panaya.

While strongly refuting the allegations, the Bengaluru- based firm had also hired Gibson Dunn and Control Risks (GDCR) to conduct an internal investigation into the charges.

“Gibson Dunn and Control Risks have now completed their detailed and extensive Independent Investigation and as they have described in the attached document, they did not find any evidence whatsoever of wrongdoing,” Infosys said in a statement.

Infosys

It added that the company has fully cooperated with all requests for information from Sebi regarding the anonymous complaints.

In February 2015, Infosys had announced buying the Israeli automation technology company for $200 million or Rs 1,250 crore in cash.

GDCR, in its report, said it had found no evidence to support allegations regarding wrongdoing by the company or its directors and employees.

It added that there were no conflicts of interest or kickbacks and the approvals required for the acquisitions were obtained with regard to the Panaya acquisition.

“…thorough due diligence was conducted, the valuations of the target companies done by an outside financial advisor were reasonable, and the purchase prices were within the range of values determined by that advisor,” it said.

Also, it said it had found no evidence that CEO Vishal Sikka had received excessive variable compensation or incurred unreasonable expenses for security, travel and the Palo Alto office.

 

WhatsApp Emerges as a Major News Platform, Finds Report

Instant messaging service WhatsApp has emerged as a force to reckon with in news media, apparently at the cost of its owner Facebook, according to a new report.

“We’ve been tracking the growth of WhatsApp for some time but its use for news has jumped significantly in the last year to 15 percent, with considerable country-based variation,” said the authors of the Digital News Report 2017.

Over half of the survey respondents in Malaysia (51 percent) said they used WhatsApp for sharing or discussing news in a given week, as compared with just three percent in the US.

Besides Malaysia, the use of WhatsApp for news is starting to rival Facebook in a number of markets, including Brazil (46 percent), and Spain (32 percent).

The researchers found that the use of Facebook for news has dipped in most of the countries they surveyed.

WhatsApp Emerges as a Major News Platform, Finds Report

This may just be a sign of market saturation, or it may relate to changes in Facebook algorithms in 2016, which prioritised friends and family communication over professional news content, according to the report.

The research, carried out by the Reuters Institute For The Study of Journalism, analysed data from 34 countries in Europe, the Americas and Asia, besides Taiwan and Hong Kong. The study involved responses from over 70,000 people.

Overall, around a quarter (23 percent) of the respondents said they now find, share, or discuss news using one or more messaging applications.

The researchers found that Viber is a popular choice in parts of Southern and Eastern Europe, while a range of chat applications are used for news across Asia, including WeChat in Hong Kong (14 percent) and Malaysia (13 percent), Line in Taiwan (45 percent) and Japan (13 percent), while home-grown Kakao Talk (39 percent) is the top messaging app in South Korea.

At a time when the social media platforms are facing criticism for not doing enough to stop the spread of fake news, the report also revealed that only 24 percent of the respondents think social media do a good job in separating fact from fiction, compared to 40 percent for the news media.

Infosys’ Audit Committee Finds No Wrongdoings In Panaya Deal

New Delhi: IT major Infosys today said its internal audit committee has found no evidence supporting a whistleblower’s allegations of improprieties related to the Panaya acquisition. In February, Infosys had said it will investigate claims levelled by the whistleblower in an anonymous mail to market regulator Sebi, alleging wrongdoings by the company when in buying Israeli automation technology firm Panaya.

While strongly refuting the allegations, the Bengaluru-based firm had also hired Gibson Dunn and Control Risks (GDCR) to conduct an internal investigation into the charges.

“Gibson Dunn and Control Risks have now completed their detailed and extensive Independent Investigation and as they have described in the attached document, they did not find any evidence whatsoever of wrongdoing,” Infosys said in a statement.

It added that the company has fully cooperated with all requests for information from Sebi regarding the anonymous complaints.

In February 2015, Infosys had announced buying the Israeli automation technology company for $200 million or Rs. 1,250 crore in cash.

Infosys' Audit Committee Finds No Wrongdoings In Panaya Deal

GDCR, in its report, said it had found no evidence to support allegations regarding wrongdoing by the company or its directors and employees.

It added that there were no conflicts of interest or kickbacks and the approvals required for the acquisitions were obtained with regard to the Panaya acquisition.

“…thorough due diligence was conducted, the valuations of the target companies done by an outside financial advisor were reasonable, and the purchase prices were within the range of values determined by that advisor,” it said.

Also, it said it had found no evidence that CEO Vishal Sikka had received excessive variable compensation or incurred unreasonable expenses for security, travel and the Palo Alto office.