Infosys loses arbitration, will have to pay ex-CFO Rajiv Bansal Rs 122 mn

Arbitral tribunal turns down counter-claim for refund of the Rs 52 million previously paid to Bansal

Infosys Ltd has lost an arbitration over severance package to its former CFO Rajiv Bansal and has been asked to pay outstanding amount of Rs 121.7 million, with interest, the firm said Tuesday.

"The arbitral tribunal has communicated its decision in the arbitration proceedings in relation to the severance agreement between the company and its former CFO, Mr Rajiv Bansal," Infosys said in a BSE filing.

As per the award, Infosys is required to pay Bansal the outstanding severance amount of Rs 121.7 million, with interest, it added.

"While the award acknowledges that Infosys had bona fide disputes, its counter claim for refund of previously paid severance