Infosys loses arbitration, will have to pay ex-CFO Rajiv Bansal Rs 122 mn

Infosys Technologies will have to pay its former chief financial officer Rajiv Bansal a sum of Rs 121.7 million, along with interest, after he information technology services major lost its arbitration battle against Bansal.

The former CFO had taken Infosys to arbitration over the issue of the company holding back his severance pay of Rs 170 million. Infosys, for its part, had sought from its former employee a refund of the Rs 52 million that had been previously paid to him, besides damages.

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“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. Per the award, Infosys is required to pay Mr Bansal the outstanding severance amount of Rs 12.17 crore with interest. 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 arbitral award is confidential,” the company said in an announcement to stock exchanges on Tuesday.