An arbitral tribunal has ordered Infosys Ltd to pay former chief financial officer Rajiv Bansal an outstanding severance of ₹ 12.17 crore with interest, culmination more than a year-long arbitration between the two parties.
“The arbitral tribunal has communicated its decision in the arbitration proceedings in relation to the severance agreement between the company and its former CFO, Mr Rajiv Bansal,” Infosys said in a BSE filing on Tueday.
“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 filing said, adding that the arbitral award is confidential,” the firm added.
Bansal, who left the company in 2015, was supposed to get a severance payment of Rs 17.38 crore at the time of his departure, the equivalent of 24 months’ pay. But the company disbursed only Rs 5 crore and witheld the balance on the grounds that Bansal had not meet certain obligations. Bansal, then dragged the company to arbitration.
Infosys is said to have filed a counter claim of Rs 100 crore against its former CFO for alleged breach of confidential agreements. Sources said the payment was stopped on the charges that Bansal had deleted some data from official systems.