Cash really existed: Infosys assures investors | business | Hindustan Times
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Cash really existed: Infosys assures investors

Investor apprehension post-Satyam financial scam appeared to spill over at the Infosys Annual General Meeting, on Saturday, with some of them raising questions whether auditors had physically verified the bank accounts of the country's leading software company.

business Updated: Jun 20, 2009 21:41 IST

Investor apprehension post-Satyam financial scam appeared to spill over at the Infosys Annual General Meeting, on Saturday, with some of them raising questions whether auditors had physically verified the bank accounts of the country's leading software company.

Raising questions during the 28th Annual General Meeting of the firm, one of the investors said he was concerned after burning his fingers in the Satyam scam and was keen to know whether auditors had physically verified bank accounts.

"Have you physically checked it", he asked those on the dais and also wanted to know whether the auditors had accepted any free lunches and gifts.

Assuring the investors, Balakrishnan, Chief Financial Officer, said the "cash really existed" and that the auditors had access to accounts and had verified it.

To questions on bonus share, S Gopalakrishnan, Co-CEO and MD, said the firm was listening to its shareholders and would discuss the issue with the board. "Let us see what the board had to decide", he said.

Assuaging investors' fears over the firm's overseas loss-making subsidiaries, including China, Balakrishnan said the firm hopes they break even by this year or next year before it sees some profits. "We are working hard on it", he said.