The Infosys board, under new chairman Nandan Nilekani, gave clean chit to Panaya acquisition, saying there was no wrongdoing.
"After careful consideration led by our chairman, the board reaffirms the previous findings of external investigations that there is no merit to the allegations of wrongdoing," the statement said.
It also concurred with stand of former CEO Vishal Sikka on not disclosing full investigation report on the Panaya deal. Infosys founder N.R. Narayanamurthy had demanded that the probe report on the Panaya acquisition be made public.
In February, Infosys had said it will investigate claims levelled by a whistleblower in an anonymous mail to markets regulator Sebi, alleging wrongdoings by the company when buying Israeli automation technology firm Panaya.
The company had also hired Gibson Dunn and Control Risks to conduct an internal investigation into the charges which had given clean chit to the deal.
In February 2015, Infosys had announced buying the Israeli automation technology company for $200 million or Rs 1,250 crore in cash.
The Infosys board has said appropriate and timely disclosures were made on severance payments to the former CFO—an issue that was flagged by the founder.
On the ongoing search for CEO, Infosys said: "The process of identifying the next CEO and shareholder consultation outreach have been initiated and are progressing well."
Meanwhile, India’s second-biggest software services exporter reported a surprise 3.3 per cent rise in second-quarter profit, beating analysts’ estimates.
Profit rose to Rs 3,726 crore ($573.03 million) in the three months ended September 30, from Rs 3,606 crore a year earlier, Infosys said on Tuesday.
Analysts on average had expected a net profit of Rs 3,523 crore. Revenue from operations rose 1.5 per cent to Rs 17,567 crore.
The results are the first since Vishal Sikka quit Infosys as CEO in August after a lengthy feud between the board and the company founders that also led to a reorganisation of the board. Nandan Nilekani, a co-founder and a former CEO, was named chairman with the company continuing to search for a new CEO.
The company, however, lowered its revenue growth forecast for 2017-18 to the 5.5-6.5 per cent range, from the earlier 6.5-8.5 per cent in constant currency. "During the quarter, we responded quickly to the management and Board changes through proactive communication with all stakeholders minimising any negative impact to the business and allowing us to deliver growth across all our large industry units," Infosys interim CEO and Managing Director U.B. Pravin Rao said in a statement.
On a sequential basis, the company's net profit rose 6.9 per cent and revenues by 2.8 per cent in rupee terms.
