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Infosys has submitted an application with SEBI on settling a case pertaining to the severance agreement reached with its former Chief Financial Officer (CFO), Rajiv Bansal.
In a statement to exchanges, Infosys said that it wants to resolve allegations that it had not obtained the prior approval of its nomination and remuneration committee and audit committee with regard to the severance agreement.
Infosys did not elaborate on the amount of the settlement with SEBI but said it will provide an update after conclusion of the process.
While Infosys has not settled the matter with Bansal, through this consent plea with the regulator, it has sought to settle the charges by paying a penalty to SEBI without admission of guilt or wrongdoing.
Bansal’s case is still under arbitration. The former CFO had launched arbitration proceedings against the company over non-payment of ₹18.5 crore in severance related dues.
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