Markets regulator Sebi has accepted a consent plea by Bengaluru-based IT major Infosys in a case related to severance pay of its former CFO Rajiv Bansal, according to the sources.
Infosys had filed the consent plea last year in December to settle charges of disclosure lapses regarding the severance agreement it signed with Bansal in 2015.
In a filing submitted to the BSE, the company had said it “wanted 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”, through the settlement process.
Sebi has yet to take a final call on the settlement amount, sources said.
“A high-powered advisory panel of Sebi will decide the amount,” according to the sources.
In May 2016, IT major had disclosed that it had awarded its former CFO Bansal Rs 17 crore in severance. The company paid out only about Rs 5 crore before stopping payments. Infosys and Bansal then got engaged in arbitration over the stoppage of payments.
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