Infosys pays Rs 34 lakh to Sebi in Rajiv Bansal case

Infosys settled a case pertaining to the severance package for former chief financial officer Rajiv Bansal by paying Rs 34.35 lakh as consent fees to the market regulator, which had found the compensation was not in accordance with the remuneration policy.
In May 2016, during the tenure of then CEO Vishal Sikka, Infosys disclosed that it had awarded over Rs 17 crore as severance pay to Bansal, who resigned in October 2015. The company had handed him about Rs 5 crore before stopping payments.
An investigation by the Securities & Exchange Board of India prima facie found that Bansal’s severance payment was not in accordance with the remuneration policy. It was found to be a related-party transaction that was done without approval of the nomination and remuneration committee and without prior approval of the audit committee.