The whistleblower alleged in February that there were improprieties in the Indian tech firm's acquisition of New Jersey-based automation technology company Panaya Inc and Silicon Valley-based startup Skava. The unnamed whistleblower also alleged Infosys CEO Vishal Sikka was inappropriately paid and pushed through improper deals.
India's second-biggest software server company commissioned law firm Gibson Dunn & Crutcher LLP and risk consultants Control Risks to investigate, which found that the "allegations were rebutted by substantial and credible evidence."
Infosys released the findings to its shareholders Friday, one day before its annual meeting. Infosys shares traded slightly down just after the market open.
What's Hot On TheStreet:
Well OK then, Jeff Immelt: General Electric's (GE) - Get Report outgoing CEO Jeff Immelt had some choice things to say at an event in NYC on Thursday night, TheStreet's Kinsey Grant reports. First, Immelt revealed a possibly fatal management mistake Kroger's (KR) - Get Report CEO might have made about Amazon (AMZN) - Get Report who as we all know, just inked a $13.7 billion deal for organic grocer Whole Foods (WFM) . Immelt then took a jab at Hillary Clinton and Barack Obama for not visiting factories in their push to lift manufacturing wages. Talk about a well-paid boss going down swinging.
Why Sears Canada is dying: Sears Canada (SRSC) has one foot in the grave just like its ailing U.S. friend Sears Holdings Corp. (SHLD) . Unfortunately for Sears Canada, it's that friend across the boarder that has played a large role in its demise, TheStreet's Michelle Lodge reports. Sears has sucked badly needed cash away from Sears Canada through the years, leaving it unable to upgrade stores and do other things to compete effectively in the always challenging Canadian retail market.
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