No more Rajiv Bansal-like situation, promises Infy chairman

February 13, 2017 23:28

Infosys Chairman R Seshasayee on Monday sought to allay concerns over ex-CFO Rajiv Bansal's severance pay, but admitted that the "judgement" could have differed if circumstances were different or if certain processes had been in place.

"At that time, it was a business judgement, there was an application of mind by the board and it was agreed to be paid. In retrospect, I have no hesitation in saying perhaps that judgement would have been different if circumstances were different or if the processes had been there," Seshasayee said speaking about Bansal whose hefty severance package has drawn flak from founders like N R Narayana Murthy.

Bansal's severance package -- amounting to Rs 17.38 crore -- equalled 24 months of pay.

Seshasayee clarified that out of the agreed Rs 17.38 crore, Infosys had paid Bansal only Rs 5 crore so far, with the remaining amount being withheld pending clarifications on the terms of the severance contract.

Infosys CEO Vishal Sikka said Bansal's exit was mutually agreed upon as there were "team chemistry issues" with him.

Seshasayee added that while the concerns raised about the hefty amount are valid, the allegations of it being "hush money" were "deeply disturbing".

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