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Infosys says internal probe finds no proof of unethical practices

Company to further investigate whistleblower complaints

Infosys shares gained as much as 6.5% in Mumbai trading on Monday before closing up 3.1%.   © Reuters

MUMBAI (NewsRise) -- Infosys said its audit committee "prime facie" found no evidence to prove the allegations in a recent whistleblower complaint, as India's second-largest software exporter seeks to fend off accusations of corporate governance lapses.

The audit committee's initial clean chit comes as the company is recovering from a management turmoil that led to the exit of its then chief executive about two years ago amid similar allegations. The recurring allegations have cast a shadow over the software exporter, once a poster boy of corporate governance standards in India. In recent times, several Indian companies -- including Sun Pharmaceutical Industries, the nation's top drug maker, and private lender Yes Bank -- have come under the radar over governance issues.

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