Infosys Says No Obligation To Disclose Whistle-blower Letter
Infosys on Monday denied all allegations made against its two top officials in a whistle-blower letter and said it was under no obligation to disclose these, after which the company scrip jumped 3.6% on the BSE.
 
"There is no supporting evidence that has been received by the company along with these anonymous complaints to substantiate the allegations," Infosys said in a regulatory filing dated 2 November. 
 
The company argued that unless an event or information is deemed 'material' or determined as 'material' by the company under the Listing Obligations and Disclosure Requirements (LODR) Regulations, it had no obligation to disclose them under Regulation 30 of the LODR Regulations.
 
"The anonymous complaints do not fall within the purview of deemed material events under the LODR Regulations," Infosys said.
 
"With respect to the anonymous complaints, there is no prima facie evidence that the company has received until date to corroborate any of the allegations made. In any event, the audit committee retained the services of the law firm, Shardul Amarchand Mangaldas & Co. to investigate the matter," the company said.
 
"Further, given the circumstances at this stage, where there is complete absence of prima facie evidence and the anonymous complaints are still under investigation, the Company is not in a position to determine the concreteness, credibility and materiality of the anonymous complaints. In light of the above, no disclosure under Regulation 30 of the LODR Regulations is required to be made.
 
"As requested, we will update the stock exchanges on the basis of key findings of the investigation reports once these are concluded," the company said in its clarification statement.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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    IndiGo server crashed, long queues at airports
    Passengers flying IndiGo faced long queues across airports on Monday morning after the airline's server collapsed.
     
    "Our systems have been down across the network since morning. As a result, we are expecting our operations to be impacted across the airports. All efforts are being made to resolve the issue at the earliest," the airline said in a statement.
     
    The largest carrier by fleet size and market share, IndiGo said it was proactively informing passengers about the situation.
     
    The airline offers close to 1,500 daily flights and connects 60 domestic destinations and 23 international destinations. It has a fleet of around 245 aircraft.
     
    Carrying 55.5 lakh passengers in September 2019, it almost flew every second air passenger in the domestic market.
     
    However, the airline's troubles have been mounting over the last few days. The aviation regulator Directorate General of Civil Aviation (DGCA) last week asked IndiGo to replace all its faulty engines powering the planes in the wake of frequent glitches reported in its Pratt & Whitney engines.
     
    Failing to comply with the DGCA order, the low-cost carrier faces the risk of its aircraft being grounded.
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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    UP Power Corporation Employee funds invested in Mirchi-linked DHFL of Wadhawans
    Uttar Pradesh government's alleged dealing with controversial Mumbai company, Dewan Housing Finance Corporation Limited (DHFL), has caused a stir in Lucknow. In a questionable decision, the state-owned UP Power Corporation Ltd (UPPCL) has reportedly invested its employees' fund worth over Rs 2,600 crore with DHFL, whose promoters have been recently grilled by the Enforcement Directorate for their links with a front company of Iqbal Mirchi, a former aide of Dawood Ibrahim.
     
    Admitting serious financial irregularities in UPPCL employees provident fund, Principal Secretary (Energy) Alok Kimar told IANS late Friday that the Uttar Pradesh government has initiated a vigilance probe into the matter. He further said that General Manager of the Power Sector Employees Trust, P.K. Gupta has been suspended. Besides, Director in Energy Department Sudhir Arya has been authorised to initiate legal action into the transfer multi-crore funds from employees trust to Wadhawan's company DHFL.
     
    The decision to invest employees' Provident Fund in a shady private company is now being vociferously raised by engineers and employees union. In a letter to the UPPCL Chairman, several employees union have questioned the decision of investing money related to General Provident Fund (GPF) and Contributory Provident Fund (CPF) of employees with DHFL.
     
    The UP State Electricity Board Engineers Association (UPSEBEA) has said the Yogi Adityanath government should now ensure that the hard earned money of thousands of employees deposited with a shady company should be retrieved. "Over Rs 1,600 crore are still with DHFL. The government should get back this money. We also need an assurance from the Government that in future money with GPF or CPF trust should not be invested in such private firms," Rajeev Kumar Singh, General Secretary of UPSEBEA, told IANS.
     
    The UPSEBEA letter reveals that the Board of Trustees (of the UP State Power Sector Employees Trust) deposited surplus fund of employees in DHFL's fixed deposit scheme from March 2017 to December 2018. Meanwhile the Bombay High Court stayed payments of DHFL in the wake of its links with several shady companies and deals.
     
    The letter further reveals that the Secretary of the Trust had admitted that as of now, Rs 1,600 crore are still lying with DHFL. The Engineers Association has alleged that transferring employees funds into the account of a private firm seems to be a gross violation of norms which ensures secured funds for employees after retirement.
     
    Meanwhile, Chairman of the All India Power Engineers Federation, Shailendra Dubey said the Yogi government should immediately initiate a probe to find out as to whose instructions the Board decided to invest employees' money with a shady company. "What Punjab and Maharashtra Co-operative (PMC) Bank did to DHFL, the same blunder has been committed by the Board. To me, it seems to be another scam which needs a thorough investigation," Dubey told IANS.
     
    Relating to the controversial decision of transferring GPF and CPF funds to DHFL, the IANS spoke to Alok Kumar, Principal Secretary (Energy) in UP and the Chairman of the UPPCL. However, instead of replying to the queries, Alok Kumar requested to text the questions to him. At the time of filing, Kumar had not answered the questions.
     
    After unearthing the Dawood gang land deals, the Enforcement Directorate is probing DHFL's alleged links with Sunblink Real Estate, through which money was laundered and routed to Dubai at the behest of Mirchi, a former member of Dawood Ibrahim gang.
     
    DHFL Chairman Kapil Wadhawan and his brother Dheeraj, who are promoters of DHFL, were recently questioned by the ED for over Rs 2,186 crore loans given by the mortgage lender to the realty firm.
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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    COMMENTS

    Krishnan B S

    3 weeks ago

    Unfortunately, the DHFL group was in good books of all investors including Big Bull Rakesh Jhunjunwala. Then everyone used to praise this group and was recommended to investors. Only for the last 6 months, all hell has broken loose on this group. The scenario has completely changed for them and now they are called a dubious group. When you are not caught you are a great industrialist, and when you are caught then overnight one becomes a dubious group. Strange are the ways of Investors, advisers, and journalists.

    concernedcitizen

    3 weeks ago

    It is strange to see the utter lethargy of the Mumbai High Court, Banks, MFs, RBI and especially the Government when it comes to addressing the concerns of the ordinary/retail investors. What happens to the FD holders of DHFL and their repayments. Lakhs of FD investors are senior citizens who had hoped to earn a livelihood from their savings post retirement by investing with DHFL.

    By ordering a blanket stop on payments on behalf of a fraud entity like Reliance (which has declared bankruptcy itself), the Mumbai HC is directly accountable for the woes of the innocent FD holders and retail investors. This is clean money.

    How can a court of 'JUSTICE' be so unjust to such lakhs of helpless citizens? These are people who lack the strength and resource to fight their case in court. Yet, the courts take no cognizance of the fact that its verdict may affect the livelihoods and well-being of several lakhs of retail investors.

    The government and courts seem impervious to the woes of its senior citizens. Cheaters and Fraudsters are safe. Richer are getting richer by the day. Poor can avail as much loan as they wish and then get them waived by playing the 'poor and sorry' card. But the middle class, the senior citizens, the actual taxpayers have no one to go to.

    The middle class that drives our economy is not a favourite vote bank. They send their children to schools,shop at malls,eat at restaurants,pay for public utilities and infrastructure,travel,work & pay their loans & taxes on time & invest in the markets. They are the ones that determine if your economy grows strong or weak. But no one seems bothered about their woes.

    When will this apathy towards the middle class end?

    REPLY

    Radha

    In Reply to concernedcitizen 3 weeks ago

    There are lakhs of middle class investors who burnt their fingers by investing in such shell companies. Unfortunately there is no law in our constitution which can safeguard the hard-earned money of middle class investors... Whom to approach?

    Anandh Sundar

    In Reply to Radha 2 weeks ago

    The FD holders are UNSECRED and hence subordinate to the MFs and NCD holders, who also are retail investors eventually. Bad luck but fair

    gcmbinty

    3 weeks ago

    Though differently transferred or diverted the Govt of India has diverted the entire unclaimed money of EPF and other Funds to Chapter VII of The Finance Act 2015 through an amendment in the name of Senior Citizens Welfare Fund which is again a case of serious scam. It will be appreciated if the media keeps updating the citizens about its utilisation and the authorisation. This money, I believe, is the personal savings of the provident funds that instead should have been posted in the consumers' Welfare Fund under Consumer Protection Fund 1986/2019, the consumers of the variety of services of the various of Provident Funds .

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