Friday, May 17, 2013

Infosys says it may be issued subpoenas

Infosys, said that it might be issued additional subpoenas in connection with the B-1 business visa investigation that is currently underway in the US.

Infosys said it was in discussion with the US Attorney's Office on this matter, but added it cannot predict the final outcome of the investigation or the discussions.

Infosys said this in a statutory form 20F disclosure filed with the SEC on Tuesday. When TOI contacted Infosys, it said, "As a listed company on the NYSE, we are regularly required to file information with the US SEC. This is a routine regulatory filing required by the SEC for the purpose of disclosing potential risks that may affect investors and is not a new development."

A subpoena is a writ issued by a court of justice requiring a person to appear before the court at a specified time. Two years back, the Bangalore-based IT company had received a subpoena from a grand jury of the United States District Court in Texas asking it to provide sponsorship details of B-1 visas. These visas are meant for staff visiting the country for meetings , conferences and business negotiations.

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