Ex-Infosys Board must shell out Bansal severance pay: Whistleblower to Sebi Noor Arora
Infosys should pay its former chief financial officer Rajiv Bansal his severance amount by clawing back the remuneration the company paid to the members of the Infosys board led by former chairman R Seshasayee, an anonymous whistleblower has written to market regulator Sebi, according to a report in Economic Times. According to the report, the whistleblower demanded that the Securities and Exchange Board of India (Sebi) steps in to protect the interests of Infosys’ minority shareholders. “Why (should) shareholders’ money be used for the stupidity of earlier board members?" the whistleblower wrote in the letter. The whistleblower's missive comes after Infosys lost the arbitration battle against Bansal over his severance package. The arbitration tribunal directed the IT firm to pay Bansal the pending amount of Rs 121.70 million with interest. Infosys's counterclaim for refunding the previously paid severance amount of Rs 52 million was also been rejected.
ARTICLE SOURCE: BS