Infosys ex-CFO Rajiv Bansal seeks arbitration for severance pay: report

By Rob 0

New Delhi: Former Infosys chief financial officer (CFO) Rajiv Bansal has reportedly asked for arbitration into his pending severance pay dues at the company, according to a Times of India report

Bansal has invoked his rights to an arbitral tribunal; former Supreme Court judge R.V. Raveendran has been appointed the sole arbitrator in the case, the report said, adding the first meeting in the matter is expected to be held in May.

Infosys has been holding back a major part of the severance pay that was promised to Bansal when he was leaving the firm in 2015. The IT company had agreed to pay him Rs17.38 crore in severance, which is equivalent of 24-month pay, Mint had reported earlier. Infosys has so far only disbursed only Rs5 crore and stopped the remaining payment.

A company statement quoted by the Times of India reads, “Certain payments to Rajiv under the agreement have been suspended pending certain clarifications with regard to such rights and obligations.”

Bansal’s severance pay has caused a major controversy between Infosys founders led by N.R. Narayana Murthy and the management.

First Published: Thu, Apr 20 2017. 06 07 PM IST