Rajiv Bansal files caveat even as Infosys mulls legal options after tribunal awards Rs 12.17 crores

Last Updated: Thu, Sep 20, 2018 12:54 hrs

According to sources, Rajiv Bansal, the former CFO at Infosys is learnt of approaching the Bengaluru civil court.

Bansal, in the civil court filed a caveat against his former employer Infosys.

Bansal was quoted in a PTI  report saying the caveat will safeguard his interest and help prevent the probability of ex-parte orders initiated by Infosys being heard without him.

This caveat will remain in force for 90 days.

Legal actions are being mulled by Infosys after an arbitration tribunal asked it to pay Rs 12.17 crores in severence along with interest.

The Indian IT major had shared in a filing report on Tuesday that it lost an arbitration involving severance package to former CFO Rajiv Bansal.
Bansal's severance payout was one of the issues that Infosys founders including NR Narayana Murthy raised while alleging governance lapses in 2015.

After Bansal deciding to step down, Infosys agreed to pay him Rs 17.38 crore in severance pay, equalling 24 months of pay.

But, Infosys suspended payments to Bansal after paying Rs 5 crores. This on the insistence of co-founder NR Narayana Murthy and others who had objected to the severance package as "excessive".

In the past trading sessions, stocks of Infosys have traded from a peak of Rs 742 (12th September) to Rs 715 (20th September) on the Bombay Stock Exchange.