Hard times for software

After a string of indifferent results, the software industry has more headaches. Infosys has been subpoenaed by the district court of Texas to see if it had misused B-1 business visas—the WSJ reports the State Department is investigating Infosys. Infosys’s SEC filing says an employee had filed a suit alleging it misused the B-1 visa; this was forwarded by a US Senator to the secretaries of State as well as Homeland Security. If Infosys is found guilty, its executives could be jailed for 10 years and its ability to get visas could also get affected, critical given how 60% of its revenues come from the US.

Read Full Story>>