Larsen and Toubro Ltd (L&T) said its audit committee decided to seek the assistance of an external expert to look into the bribery charges relating to construction of Cognizant’s Chennai campus.
In a stock exchange announcement, L&T said its management presented all details of its construction contracts with Cognizant Technology Solutions Corp as well as details regarding the ongoing proceedings before the Department of Justice, U.S., relating to the case.
The company said it also briefed the audit committee of the management-initiated investigation conducted by leading law firms in the U.S. 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 the assistance of an external expert to review the details of investigations, based on which it will decide the future course of action,” it said.