Infosys settlement move with Securities and Exchange Board of India says Mohandas Pai

Vastavam web: The Infosys’ move to settle with Securities and Exchange Board of India (SEBI) the alleged disclosure lapses involving a severance pact is “perfectly fine”, the company’s former chief financial officer, T V Mohandas Pai, said today.He disagreed with the whistleblower who has reportedly asked the market regulator SEBI to prosecute the IT giant’s management and the Board.On the whistleblower asking SEBI to prosecute the management as well as the board, he said, “That should be ignored. Consent order is fine. SEBI knows what to do best; leave it to SEBI.”
The chairman of Aarin Capital and also Manipal Global Education Services stressed that consent decrees are a very normal part of any capital market.”In capital markets all over the world, companies (do) file for consent so they get over any regulatory action where there is no fraud, misrepresentation or criminality,” he said.”So, there is no criminality and deliberateness. It’s perfectly fine for the company to file consent,” Pai said, adding that the matter in Infosys’ case relates to lack of adequate and proper disclosure.The Bengaluru-headquartered company last week filed the application with SEBI to settle the issues around severance agreement with ex-CFO Rajiv Bansal.