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India's second-largest IT firm Infosys on Wednesday said it has approached market regulator Sebi to settle a probe into alleged disclosure lapses involving the severance pact with former CFO Rajiv Bansal.
"The settlement application process is based on an undertaking that the applicant will neither admit nor deny the finding of fact or conclusion of law," said Infosys in a regulatory filing to the BSE.
The settlement application pertains to the severance agreement with the former chief financial officer (CFO) in October 2015, it added.
Infosys will provide an update upon the conclusion of the confidential settlement process.
The software giant wants to resolve allegations against the company of not seeking prior and separate approval of the Nomination and Renumeration Committee and the Audit Committee in relation to the CFO's settlement process.