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Infosys Ltd
has been fined €175,000 (around ₹2 crore) by French labour authority DRIEETS Île-de-France after its employee working time recording system was found to be non-compliant with local legal requirements, the company said in an exchange filing. The penalty relates to the company's system for recording employees' working hours, which French authorities said did not meet local labour law requirements for certain categories of employees.
The company said it received a communication from DRIEETS Île-de-France on July 25 regarding the recovery of the monetary penalty.
According to the filing, the French authority concluded that Infosys' working time recording system did not fully comply with French labour laws. Specifically, it found shortcomings in the system's reliability, auditability and monitoring capabilities for certain categories of employees.
Based on its assessment, the authority imposed a total monetary penalty of €175,000 on the company.
Infosys said the penalty is not material and will have no significant impact on its financial position, operations or other business activities.
The company also said there was a delay in disclosing the communication to the stock exchanges as it required additional time to verify the information received and determine the appropriate course of action before making the disclosure.
The company clarified that the delay was due to the time needed to verify the communication and assess the appropriate course of action before informing investors.
Infosys shares were trading 3.54% higher at ₹1,077.85 during Monday's session.
The company said it received a communication from DRIEETS Île-de-France on July 25 regarding the recovery of the monetary penalty.
According to the filing, the French authority concluded that Infosys' working time recording system did not fully comply with French labour laws. Specifically, it found shortcomings in the system's reliability, auditability and monitoring capabilities for certain categories of employees.
Based on its assessment, the authority imposed a total monetary penalty of €175,000 on the company.
Infosys said the penalty is not material and will have no significant impact on its financial position, operations or other business activities.
The company also said there was a delay in disclosing the communication to the stock exchanges as it required additional time to verify the information received and determine the appropriate course of action before making the disclosure.
The company clarified that the delay was due to the time needed to verify the communication and assess the appropriate course of action before informing investors.
Infosys shares were trading 3.54% higher at ₹1,077.85 during Monday's session.
