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Former Infosys CFO Goes to Arbitration Over Rs 12 Crore Severance Pay

The former chief financial officer of Infosys, Rajiv Bansal, has approached the Arbitration Tribunal to claim the pending Rs 12 crore of his severance pay.

News18.com

Updated:April 20, 2017, 5:26 PM IST
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Former Infosys CFO Goes to Arbitration Over Rs 12 Crore Severance Pay
The former chief financial officer of Infosys, Rajiv Bansal, has approached the Arbitration Tribunal to claim the pending Rs 12 crore of his severance pay.

Bengaluru: The former chief financial officer of Infosys, Rajiv Bansal, has approached the Arbitration Tribunal to claim the pending Rs 12 crore of his severance pay.

Former Supreme Court judge RV Raveendran has been appointed sole arbitrator in the case and the first meeting is scheduled next month, moneycontrol.com reported.

Infosys had agreed to pay Bansal Rs 17.38 crore, equivalent to 24-month pay, as severance payment. However, the company paid him Rs 5 crore and suspended the remaining payment.

Several former executives, including co-founder NR Narayana Murthy, had said the severance pay was excessive.

An Infosys statement said it had halted the payment to Bansal pending certain clarifications.

ALSO READ: Narayana Murthy Slams Infosys COO Pay Rise, Blames Poor Governance Standards

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