The letter added that Parekh and Roy were pressuring the finance team to show more profits in their treasury management by taking risks and making changes to policies. "He (Parekh) directs them to make wrong assumptions to show margins. Several billion-dollar deals of the last few quarters have nil margin. Please ask auditors to check deal proposals, margins, undisclosed upfront commitments made and revenue recognition," the letter said. "In large contracts like Verizon, Intel, joint ventures in Japan, ABN AMRO acquisition, revenue recognition matters are forced, which are not as per accounting standards," the letter stated.
Ironically, Infosys was last month awarded number three ranking on Forbes list of The World's Best Regarded Companies for 2019 which track each of top 250 companies on parameters of trustworthiness, honesty, social conduct, fairness to its employees and the performance of its products and services.
(ANI)