MUMBAI: Infosys has settled the case pertaining to severance package paid to its former chief financial officer Rajiv Bansal with the Securities and Exchange Board of India (SEBI), an order passed by the regulator on February 15 showed.
The IT firm was found to have not made adequate or timely disclosure on the severance package paid to the ex-CFO.
“The examination prima facie revealed that the severance payment was not in accordance with the remuneration policy and the same was without the approval of the Nomination and Remuneration Committee; no prior approval of Audit Committee was taken for the severance agreement (which was found to be a related party transaction),” the order said.
After SEBI started adjudication against the company in November 2017, the company offered to settle the case as per the settlement system, and it has now been settled that the company pay `34.35 lakh. Bansal had resigned from Infosys in October 2015.