In the regulatory filing, L&T said that the management has presented to CTS all details of the company's construction contracts.
Construction firm L&T, which was named by Cognizant Technology Solutions (CTS) in the bribery case, said in a BSE filing that it would seek assistance of an external expert to look into the allegations.
CTS in a statement on February 15 had said that it will pay $25 million to the US Security Exchanges Commission (SEC) based on its internal investigation that revealed bribery claims.
The filed reports reveal that two former executives of CTS approved bribe to senior Tamil Nadu government officials to the tune of $3.6 million via a third party, which was construction company L&T. The bribe was for getting clearances to construct CTS' 2.7 million square foot new campus KITS in Chennai in 2014. The former executives named were Gordon Coburn and Steven E Schwartz. CTS voluntarily informed SEC of the bribery.
In the regulatory filing, L&T said that the management has presented to CTS all details of the company's construction contracts, including particulars of development relating to the recent settlement between CTS and SEC and the ongoing proceedings before Department of Justice, USA (DOJ).
The company said that it has also briefed the audit committee of the management-initiated investigation conducted by leading law firms in the US and India with the help of forensic experts from Hong Kong in 2017.
"While noting that there was no evidence of the involvement of the Company or any of its executives as alleged based on information provided, the Audit Committee decided to seek assistance of an external expert to review the details of investigations conducted on behalf of the Company in 2017, based on which it will decide the future course of action," the filing said.
