INSUBCONTINENT EXCLUSIVE:
20F within the stipulated time
"Speculation that the Form 20F is not filed in time or there is an ongoing SEC investigation is baseless and incorrect," an Infosys official
told IANS here.Responding to media reports on a whistleblower complaint that the company had not filed the form with the US Securities and
Exchange Commission (SEC) before its Annual General Meeting (AGM) here on June 23, the official of the IT major said the form would be filed
within the stipulated time."The company will file the Form 20F within the stipulated time and has sufficient time to do so," said the
official.According to the Securities Exchange Act, foreign private firms whose equity shares are listed on bourses like the New York Stock
Exchange (NYSE) or Nasdaq for trading have to submit the annual report within six months of their fiscal year.The outsourcing firm's blue
chip shares are listed and traded on NYSE overseas and on the BSE and NSE in India.The SEC or Indian market regulator SEBI have, however,
not confirmed receiving the complaint from the anonymous whistleblower."Infosys had not yet filed its Form 20F which is the annual filing
required under the SEC rules," said the complaint to SEC Chairman and SEBI (Securities Exchange Board of India).The whistleblower also
claimed that the $10.9-billion firm had in the past filed the 20F Form in May/June and well in advance to the AGM."Form 20F is necessary for
the ADR (American Depository Receipts) shareholders as it is the annual report for them, containing information to vote on the financials,"
said the complainant.The whistleblower also accused the firm of making its investors vote on the financial statements without getting the
full information."Form 20F will contain the effectiveness of internal controls, key risks, and others which are relevant for ADR
shareholders to approve the financials," said the whistle blower.(This story has not been edited by TheIndianSubcontinent staff and is
auto-generated from a syndicated feed.)
