Rajiv Bansal, Former CFO, Infosys, is fighting for his held back severance pay of Rs.12 crores by the company. He appealed to a legal bench led by Mr.RV Ravvendran, Former Judge of Supreme Court, to solve the dispute. The first meeting for the negotiation is scheduled in May according to some sources, Nishith Desai Legal Associates are representing Infosys.
In 2015, Mr.Bansal left Infosys and the company agreed to pay him a severance of Rs.17.38 crores, which is equivalent to his two-year pay. They paid him just Rs.5 Crore and kept the remaining payment on hold.
Infosys clarifies Mr.Rajiv’s payments were suspended for some pending clarifications regarding some rights and obligations. Co-Founder Mr. Narayana Murthy says “The amount is very high, others think that the pay is for preventing to disclose authentic information and also scolded the board for not disclosing all information respect to it.”
Early this year, Infosys had admitted about an element of subjectivity which had influenced the severance pay granted to Mr. Rajiv Bansal. They also placed a policy to ensure that it won’t be repeated again.
Mr. Bansal has chosen the arbitration over the court orders because it will solve the issue quickly and privately. Time bound arbitrations are provided by the Arbitration Act.
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