BENGALURU: Infosys has been ordered to pay Rs 12.20 crore remarkable severance payment to former leader monetary officer (CFO) Rajiv Bansal, culminating a more than a yr long arbitration between the two parties.
Bansal, who left the corporate in 2015, was once supposed to get a severance payment of Rs 17.38 crore on the time of his departure, the similar of 24 months' pay. But the corporate allotted most effective Rs five crore and witheld the stability on the grounds that Bansal had not meet sure responsibilities. Bansal, then dragged the corporate to arbitration.
"Per the award, Infosys is required to pay Mr. Bansal the outstanding severance amount of Rs.12.17 crores with interest. While the award acknowledges that Infosys had bona fide disputes, its’ counter claim for refund of previously paid severance amount of Rs. 5.2 crores and damages, has been rejected," Infosys said in a remark on Tuesday.
Infosys is alleged to have filed a counter declare of Rs 100 crore against its former CFO for alleged breach of confidentiality agreements. Sources said the payment was once stopped on fees that Bansal deleted information from professional systems.
TOI reported in August that the court cases between the parties have been coming to an end and Judge RV Raveendran, the sole arbitrator within the case, was once anticipated to pronounce an award this month. Over the past yr and part, there were multiple hearings in Bengaluru.
The payment, which first got here to light in 2016, created a furore within the company with the founders, led via NR Narayana Murthy, alleging that such large bills via Infosys amounted to "hush money" to cover up sure secrets and techniques. It was once also categorized as a failure of company governance via the founders.
Bansal, who left the corporate in 2015, was once supposed to get a severance payment of Rs 17.38 crore on the time of his departure, the similar of 24 months' pay. But the corporate allotted most effective Rs five crore and witheld the stability on the grounds that Bansal had not meet sure responsibilities. Bansal, then dragged the corporate to arbitration.
"Per the award, Infosys is required to pay Mr. Bansal the outstanding severance amount of Rs.12.17 crores with interest. While the award acknowledges that Infosys had bona fide disputes, its’ counter claim for refund of previously paid severance amount of Rs. 5.2 crores and damages, has been rejected," Infosys said in a remark on Tuesday.
Infosys is alleged to have filed a counter declare of Rs 100 crore against its former CFO for alleged breach of confidentiality agreements. Sources said the payment was once stopped on fees that Bansal deleted information from professional systems.
TOI reported in August that the court cases between the parties have been coming to an end and Judge RV Raveendran, the sole arbitrator within the case, was once anticipated to pronounce an award this month. Over the past yr and part, there were multiple hearings in Bengaluru.
The payment, which first got here to light in 2016, created a furore within the company with the founders, led via NR Narayana Murthy, alleging that such large bills via Infosys amounted to "hush money" to cover up sure secrets and techniques. It was once also categorized as a failure of company governance via the founders.
Infosys loses arbitration, ordered to pay former CFO Rs 12.20 crore
![Infosys loses arbitration, ordered to pay former CFO Rs 12.20 crore]()
Reviewed by Kailash
on
September 18, 2018
Rating:
