US probing business visa sponsorships: Infosys

New York: IT bellwether Infosys Wednesday said the company and some of its employees are target of US probe related to its sponsorships of B1 business visas. "... During a recent meeting with the US Attorney's Office for the Eastern District of Texas, the company was advised that the company and certain of its employees are targets of the investigation," Infosys said in a filing to the US regulator Securities and Exchange Commission.

Infosys had received a "subpoena" from a grand jury in the US District Court for the Eastern District of Texas in May last year. The subpoena requires that Infosys provide to the jury certain documents and records related to the company's sponsorships for, and uses of, B1 business visas, according to the filing.

B1 business visas are intended for short-term purposes such as consulting with business associates and attending business conventions. The subpoena came against the backdrop of allegations made by a former employee that the company was misusing these visas.

It said the company is complying with the subpoena, and intends to have further discussions with the US Attorney’s officer regarding this matter. "... however, we cannot predict the outcome of the investigation by, or discussions, with the US," the filing said.

According to the filing, the company is also subject to other legal proceedings and claims which have arisen in the ordinary course of business. "Our management does not reasonably expect that these other legal actions, when ultimately concluded and determined, will have a material and adverse effect on the results of operations or the financial position of the company," Infosys said.

No comments:

Post a Comment