Infy submits settlement application to Sebi on severance pact with ex-CFO

Settlement based on an undertaking that company will 'neither admit or deny finding of fact or conclusion of law'

IT major Infosys today said it has submitted settlement application to market regulator Sebi on former CFO Rajiv Bansal's severance pact made in October 2015.

The settlement application process is based on an undertaking that the company will "neither admit or deny finding of fact or conclusion of law".

Through the settlement process the company wants to resolve allegations relating to company not seeking prior nod from the Nomination & Remuneration Committee and the Audit Committee for the severance package. The company had also failed to disclose the severance agreement, cessation of payments to Bansal and initiation of arbitration.

Infosys will provide update on conclusion of settlement process