An arbitral tribunal has directed Infosys Ltd to pay former chief financial officer Rajiv Bansal an outstanding severance of Rs. 12.17 crore with interest, the company said in a filing to the stock exchanges today. “The award acknowledges that Infosys had bona fide disputes and that its counter claim for refund of previously paid severance amount of Rs. 5.2 crores and damages, has been rejected,” the filing said.
“The arbitral award is confidential. Infosys will take legal advice for necessary actions to be undertaken in respect of the award.” Bansal resigned the company in 2015 and was supposed to get Rs. 17.38 crore at that time, equivalent to his 24 months pay. While the company paid Rs.5.2 crores earlier, it didn’t paid the outstanding amount to Bansal.Infosys co-founded N.R. Narayan Murthy had objected to the severance pay package as more than acceptable. Bansal appealed to the National Company Law Tribunal last year asking Infosys to contest the severance pay. His contention was that it was less than what was agreed upon. The Infosys board did not record the proceedings of a 12 October 2015 meeting where it discussed paying ? 17.38 crore in severance pay to Rajiv Bansal.