Severance contract with ex-CFO according to 'obligations': Infosys

Some reports had claimed that the company stopped the remaining installments of severance payment of Rs 17.38 crore promised to Rajiv Bansal

Infosys on Tuesday said it has administered the severance contract with its former chief financial officer Rajiv Bansal "strictly in line with rights and obligations" of both parties, after reports suggested that the IT firm stopped the remaining installments of the dues.

In an emailed statement, Infosys said the severance agreement with Bansal includes rights and obligations of the parties that is usual for such type of agreement.

"The agreement is being administered strictly in line with such rights and obligations. The board reiterates that there are no extraneous considerations in the administration of the contract," the IT major said in an emailed statement.

It, however, did not share the specific details of the agreement.

Earlier, some reports had claimed that Infosys stopped the remaining installments of the severance payment of Rs 17.38 crore promised to Bansal after some of the company's founders expressed their unhappiness with the decision. Infosys is believed to have already paid two of the 10 installments.

Infosys, however, dismissed allegations that the board had interfered in the matter.

"The board dismisses any suggestion of interference from shareholders in the matter of administering this agreement," it said.

In October last year, Bansal had resigned from Infosys. He later joined transportation app Ola in January this year. Bansal took home a salary of over Rs 10 crore in FY2015-16.