Bansal files caveat against Infosys

Former Infosys CFO Rajiv Bansal has filed a caveat in a civil court against the IT major Infosys after an arbitral tribunal directed latter to pay him outstanding severance package amount of Rs 12.17 crore with interest.

The caveat was filed on Tuesday after Infosys said it would take legal advice for further action on the tribunal's order, a representative of Indus Law firm, engaged by Bansal, told DH.

"It is a precautionary measure and prevents any ex-parte order without hearing Bansal in suit or proceedings expected to be initiated by Infosys," an official from the law firm said.

Infosys on Tuesday said it has lost an arbitration over severance package to Bansal with the tribunal also rejecting the company's counterclaim for a refund of previously paid severance amount of Rs 5.2 crore and damages.

It had agreed to pay Bansal a severance amount of Rs 17.38 crore or 24 months of salary when he left the firm in 2015, but suspended payments after he got Rs 5 crore as co-founders objected to the severance package as excessive.

Following this, Bansal had dragged his former employer to arbitration, seeking the remaining amount.

Meanwhile, Bansal's lawyers are hopeful that the IT major will pay the amount at the earliest. "The historical cases suggest that there is minimal chances of courts going against the arbitral tribunal. Moreover, it will make everything public, which the company wouldn't want," the lawyer said.