BIZ-INFOSYS-BANSAL-CAVEAT

Rajiv Bansal files caveat in civil court against Infosys Bengaluru, Sep 19 Former Infosys chief financial officer Rajiv Bansal has filed a caveat in a civil …

Rajiv Bansal files caveat in civil court against Infosys Bengaluru, Sep 19 Former Infosys chief financialofficer Rajiv Bansal has filed a caveat in a civil court hereagainst the city-based company after an arbitral tribunaldirected it to pay him outstanding severance package amount ofRs 12.17 crore with interest. The caveat was filed Tuesday after the country’s secondlargest IT company said it would take legal advice for furtheraction on the tribunal’s order, a representative of Indus Lawfirm, engaged by Bansal, told . It was to safeguard the interest of Bansal and preventany ex-parte order without hearing him in suit or proceedingsexpected to be initiated by the Infosys, he said. Infosys Tuesday said it has lost an arbitration overseverance package toBansal with the tribunal also rejectingthe company’s counter claim forrefund of previously paidseverance amount of Rs 5.2 crore anddamages. It had agreed to pay Bansal a severance amount of Rs17.38 crore or 24 months of salary when he left the firm in2015, but suspendedpayments after he got Rs 5 crore asco-founder N R Narayana Murthy and others objected to theseverance package asexcessive. Following this, Bansal had dragged his former employertoarbitration, seeking the remaining amount. Bansals severance payout has been one of the issuesthatInfosys founders had raised to allege governance lapsesatthe software major. The caveat remains in force for 90 days and if duringthat duration no case is filed by the opposite party, thecaveator has to again file a fresh caveat. BDN RAVS VS

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