SME Times is powered by   
Search News
Just in:   • 10% customs duty on mobiles, hike on more items likely  • Google's response to record EU fine draws flak from rivals  • Apple hikes iPhone prices in India post-customs duty hike  • Political realities to weigh on economic decisions: Assocham  • BJP poised to take power in Himachal 
Last updated: 07 Dec, 2017  

Infosys.9.Thmb.jpg Infosys settles severance pact with ex-CFO Bansal

Infosys.9.jpg
   Top Stories
» After early hiccups, BJP set to retain power in Gujarat
» 'Exports back in positive territory with a bang as global demand sprang a surprise'
» India not being blamed for collapse of WTO talks: Prabhu
» Engineering goods push exports higher to $26 bn in November
» Vote count in Gujarat, Himachal begins
SME Times News Bureau | 07 Dec, 2017
Software major Infosys had settled the severance pact with its former Chief Financial Officer (CFO) Rajiv Bansal who quit the company in October 2015, said the IT major on Wednesday.

"The settlement application has been submitted to the market regulator - Securities Exchange Board of India (SEBI) on former CFO's severance pact made in October 2015," said the company in a regulatory filing on the BSE.

The settlement application process is based on an undertaking that the company will "neither admit or deny finding of fact or conclusion of law".

"Through the settlement process, the company wants to resolve allegations relating to company not seeking prior nod from its Nomination & Remuneration Committee and the Audit Committee for the severance package," reiterated the filing.

The company, however, did not disclose the severance agreement, cessation of payments to Bansal and initiation of arbitration.

"The company will provide update on conclusion of settlement process," noted the filing.

The company's co-founders, especially its former Chairman N.R. Narayana Murthy objected to the "unusual and unprecedented severance payment agreement of 1,000 per cent" approved by the previous Board to Bansal.

Accusing the previous board of poor governance on October 24, Murthy said in a statement that it (previous Board) also did not disclose the information on the pact proactively and much earlier.

Murthy's public spat with some of the previous Board members led to the dramatic exit of its first non-promoter Chief Executive Vishal Sikka on August 18 three years after he joined and the return of another co-founder Nandan N. Nilekani to the Board as non-executive Chairman on in August.

On December 2, Infosys hired Salil S Parekh of global IT outsourcing firm Capgemeni as its new CEO and Managing Director from January 2.
 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 18 Dec, 2017
  Daily Poll
Is counterfeiting a major threat to SMEs?
 Yes
 No
 Can't say
  Commented Stories
» Starting an import export business: Basic guide for beginners(14)
» Foreign Trade Policy(6)
» List of items for which anti dumping duties has been levied with related notifications(1)
» Online GST compliance platform a simple and cheap solution for filing return: Co-Founder, EasemyGST(1)
» SC order on interim relief on mandatory linking of Aadhaar on Friday(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter