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Infosys files settlement application with Sebi over former CFO’s severance

Bengaluru: Infosys said it filed a settlement application with the Securities and Exchange Board of India, relating to the severance agreement it signed with former CFO Rajiv Bansal in 2015.

The Bengaluru-headquartered company said the settlement application process is based on an undertaking that it will ‘neither admit nor deny the finding of fact or conclusion of law.’

“Through the settlement process the company wants to resolve allegations relating to the company not seeking prior and separate approval of the nomination and remuneration committee and the audit committee in relation to the severance agreement entered into with the former CFO,” Infosys said in a filing to the Bombay Stock Exchange.

The settlement process is also expected to resolve issues with relation to the disclosures around the severance agreement, cessation of payments and initiation of arbitration under the severance agreement, Infosys said.

The company said it would provide an update on completion of the confidential settlement process.

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