As Infosys battles allegations of 'unethical practices' made by a whistleblower group, the big bull of the stock market, Rakesh Jhunjhunwala thinks the whole controversy has been dealt with incorrectly and that there's "high scale of manipulation" behind the complaint.
The billionaire investor suspects the complaint against CEO Salil Parekh and CFO Nilanjan Roy has been made "purposely" and by "manipulators". "I think the Securities and Exchanges Board of India (Sebi) should not only enquire about the complaint, but Sebi should also enquire into all the trades which have taken place 10 days before and 10 days after the complaint," he told in an interview with CNBC-TV 18.
Talking about the anonymous group, Jhunjhunwala suggests that no one should be allowed to make the complaint without revealing their identity. "According to me no complaint should be entertained without the name of the person who is making that complaint," he said.
He also said no complaint should be made public until an investigation is completed. "This is trial by media and it is highly incorrect," he said. Secondly, he said, if the complaint has been made irresponsibly, the person concerned should be "held responsible".
Meanwhile, Infosys aims to wrap up the probe on the matter in two weeks. Both Parekh and Roy have been recused to ensure impartial investigation but they would continue to meet clients and investors.
Earlier, the company told the stock exchanges that the US SEC had launched an investigation into whistleblower allegations. Both Sebi and BSE have also sought information from the company regarding these allegations, and Sebi has launched an enquiry to probe the matter.
Edited by Manoj Sharma