Infosys vs Rajiv Bansal: All you need to know about the arbitration case Noor Arora
Infosys has lost an arbitration battle against its former chief financial officer Rajiv Bansal over his severance package. The arbitration tribunal has 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 has also been rejected. In October 2015, Infosys’s then CFO Rajiv Bansal quit, and one of the reasons for his exit was attributed to his differences with the management over the acquisition of Panaya, an Israeli automation software company it acquired for $200 million. Bansal was offered a severance package of Rs 174 million by the previous board headed by R Seshasayee. The unprecedented level of severance package, which was equivalent to close to 24 months of his salary, sparked a huge controversy.
ARTICLE SOURCE: BS