An arbitral tribunal on Tuesday directed Infosys Ltd to pay its former Chief Financial Officer Rajiv Bansal an outstanding severance of Rs 12.17 crore with interest, reported the Economic Times.
Bansal, who quit in 2015, had taken the Bengaluru-based IT company to arbitration in April 2017 after it stopped payouts on his severance worth over Rs 17 crore. This came after co-founders NR Narayana Murthy, Kris Gopalakrishnan and Nandan Nilekani, in a letter to the board of the company, objected to the severance pay as being excessive in nature.
Later, Infosys also filed a counter claim against Bansal and asked him to refund the previously paid severance of Rs 5.2 crore, along with other damages.
“While the award acknowledges that Infosys had bona fide disputes, its counter claim for refund of previously paid severance amount of Rs 5.2 crore and damages has been rejected,” the company said in a statement to the Bombay Stock Exchange. It added that Infosys will take legal advice for further action.
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