Ex-Infosys Dy CFO Jayesh Sanghrajka may join Mphasis
Mphasis’ CFO V Suryanarayanan is due to retire in January, although he might still receive an extension.
After ET reported on Monday that a whistleblower group had mailed the Infosys board and the US Securities and Exchange Commission alleging “aggressive” accounting tactics to boost revenue and margins, analysts began to question the timing of Sanghrajka’s departure.
“He is talks with Mphasis and could join there. Mphasis’ CFO is looking at retiring and Sanghrajka has the experience,” a source with knowledge of the discussions, said.
Mphasis’ CFO V Suryanarayanan is due to retire in January, although he might still receive an extension, an Mphasis executive said, adding that no final decision has been taken yet.
A second source also confirmed that Sanghrajka was talking to Mphasis. “This is speculative in nature and as a policy, we do not comment on rumors and speculation,” said a spokesperson for Mphasis.
Sanghrajka did not respond to calls and messages.
“Earlier, the perception was that Sanghrajka’s resignation was tied to the whistleblower allegations, but this is not true. It is more related to his talks with Mphasis,” a third person aware of the development said.
The Infosys’ stock lost more than 16% on Tuesday on the BSE, its biggest intraday percentage loss in six years, following the complaint.
Earlier in the day, Infosys chairman Nandan Nilekani said it had hired Shardul Amarchand Mangaldas to investigate the whistleblower allegations.