The arbitral tribunal ordered Infosys to pay its former Chief Financial Officer (CFO) Rajiv Bansal Rs 12.17 crore with interest as part of the severance amount, the IT major said on Tuesday.
“Infosys is required to pay Bansal the outstanding amount of Rs. 12.17 crore with interest,” said the city-based company in a regulatory filing on the BSE.
Bansal resigned from the high-profile executive post (CFO) in October 2015 amid a raging controversy over governance issues between the company’s co-founders and previous board of directors.
“While the award acknowledges that Infosys had bonafide disputes, its counter claim for refund of previously paid severance amount of Rs. 5.2 crore and damages has been rejected,” noted the filing on the tribunal order.
As the award is confidential, the company will take legal advice for action.
Infosys co-founder NR Narayana Murthy also objected to the hefty severance package to Bansal, who was party to the “costly” acquisition of the US-based Panaya software firm in February 2015 under the company’s first non-promoter Chief Executive Vishal Sikka, who too resigned on August 18, 2017.
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