Infosys to pay Rs 34 lakh to Sebi as settlement of CFO case

Bengaluru-based technology company Infosys will settle with Sebi the former CFO Rajiv Bansal's severance pay case by paying Rs 34.4 lakh.

Bengaluru-based technology company Infosys will settle with Sebi the former CFO Rajiv Bansal's severance pay case by paying Rs 34.4 lakh.
 
According to a report by Times of India, the settlement order says it was prima facie found that the severance payment was not in accordance with the company's remuneration policy. The order said there is no approval of the Nomination and Remuneration Committee (NRC), and there was no prior approval of the audit committee for the severance agreement. 
 
As per order, all these activities were in violation of Sebi rules. 
 
When Rajiv Bansal left Infosys in 2015, Infosys had agreed to pay him Rs 17.38 crore in severance pay, equalling 24 months of pay.
 
But the company refused to pay, following which Bansal dragged his former employer to arbitration to claim the remaining Rs 12 crore of his severance pay. Infosys lost the case in September last year.
 
Bansal’s severance payout has been one of the issues that Infosys founders had raised to allege governance lapses at the Bengaluru-based firm.
 
Source: TOI, other media reports

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