A forensic audit of Dewan Housing Finance Corporation (DHFL) has found diversion of funds worth Rs 20,000 crore

A forensic audit of Dewan Housing Finance Corporation (DHFL) has found diversion of funds worth Rs 20,000 crore to private entities of the promoters, reports Moneylife.

The audit, carried out by KPMG, reveals that the funds were

Infosys Pandora’s box just opened

Another crisis is knocking at the door of Infosys, barely days after the company looked to be on the growth path, having completed its guided investment in order to be ready for the emerging environment.

A few anonymous employees of Infosys have accused its CEO Salil Parekh and CFO Nilanjan Roy of unethical practices for many quarters. The whistleblowers have alleged that employees have been instructed not to share large deal information with auditors.

Even more worrying is the fact that these whistleblowers who are calling themselves 'ethical employees' had sent a 2-page letter to company's Board of Directors on September 20 that did not elicit any response. Subsequently, a letter was written to the US-based office of the Whistleblower Protection Programme alleging wilful mis-statement and material accounting irregularities for the past two quarters (April-September).

What lies at the heart of the allegations is serious fudging of numbers by the top management to inflate profits and ensure share price performance. As per the allegations, revenue recognition has not been as per accounting standards, costs have been suppressed and in large deals, reviews and approvals are being bypassed and wrong assumptions are being made to show margins. According to the whistleblowers, several billion-dollar deals in the last few quarters have zero margins. Fingers have been pointed at the CEO's personal trips at the expense of the company as well. According to these employees, the management has shared only a rosy picture of the company with the board, investors and analysts, and key information has been deliberately withheld. In fact, according to the whistleblowers, Infosys treasury has also made changes to policies and taken extra risk to show higher profit.

Incidentally, Infosys has been a big outperformer in the past one year on the back of its improved execution and deal momentum.

In recent times, the Street had been comforted by the acceleration in revenue momentum – especially in the past two quarters. In the quarter gone by, Infosys also managed to

Kia Motors partners with Vodafone Idea to debut UVO connected system in Seltos SUV

Korean automobile manufacturer, Kia, recently joined hands with Vodafone Idea Business Solutions to provide connected car tech in the company’s debut launch in India, the Seltos SUV.
The company will introduce an e-SIM in the car, which will provide voice calling, SMS, 3G/4G data