Infosys files Rs 100 crore claim against ex-CFO

BENGALURU: Infosys is reported to have filed a counter-claim of over Rs 100 crore against former CFO Rajiv Bansal for alleged breach of confidentiality agreements.

The news was once reported by means of CNBC on Thursday. A text message to Bansal asking about the counter-claim did not elicit a response, while Infosys said it has no comments to provide at the subject.

Shriram Subramanian, founder of company governance advisory company InGovern Research Services, said there may well be claims and counter-claims in the arbitration listening to and one can not reply to rumour unless the end result of the arbitration lawsuits is understood.

The counter-claim comes close at the heels of the second one listening to in the arbitration lawsuits between the two events in January in Bengaluru. The first was once held in December.

Bansal had contested Infosys’ resolution to suspend the payment of about Rs 12 crore of the severance pay that was once promised to him on the time of his leaving in 2015. Infosys had agreed to pay him Rs 17.four crore as severance — the an identical of 24 months’ pay. But it dispensed simplest Rs five crore, and halted the remaining payment at the grounds that Bansal had now not met some of his duties.

Early in 2017, Bansal invoked his rights to an arbitral tribunal. Former Supreme Court pass judgement on R V Raveendran was once appointed as sole arbitrator in April.

Over the previous a number of months, quite a lot of submissions — oral and documentary — had been made to the tribunal by means of both the events. Law company Indus Law is representing Bansal, and Nishith Desai Associates is Infosys’ recommend. The Arbitration Act mandates that a resolution should be made inside three hundred and sixty five days from the date of constitution of the arbitral tribunal. Many imagine that the payment was once suspended following objections, particularly from some of Infosys’s founders, that the quantity was once over the top.

Infosys files Rs 100 crore claim against ex-CFO Infosys files Rs 100 crore claim against ex-CFO Reviewed by kailash soni on February 25, 2018 Rating: 5
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