Anonymous e-mail claims inaction by Infosys against group CFO on overbilling Apple Inc

The abrupt exit of Infosys BPO chief executive officer (CEO) and chief financial officer (CFO) has raised further questions on the procedures and financial controls at India’s second-largest IT services exporter, according to an anonymous e-mail sent to media houses here. The e-mail claims that the issue relating to over-billing of Infosys BPO customer — Apple — over a period of 18 months had the oversight of the top management.

“This is a very serious failure of internal controls and procedures. When the management knew about this several months ago, why proper disclosure on lack of internal controls was made in the filings with SEC. The CEO and CFO of the group certifies under section 302 and 906 of the Sarbanes-Oxley act on the effectiveness of internal controls in all its filings with SEC,” the e-mail said.

An Infosys spokesperson in reply to FE queries said, “The financial irregularities are not material in nature and the company has already made the 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.

The anonymous e-mail claimed that the there was inaction on part of Infosys against the Group CFO of the company as he did not identify and report these alleged internal controls weakness.

Infosys Technologies Limited