The arbitral tribunal has communicated its decision in the arbitration proceedings in relation to the severance agreement between the company and its former CFO, Mr. Rajiv Bansal. Per the award, Infosys is required to pay Mr. Bansal the outstanding severance amount of Rs.12.17 crores with interest. While the award acknowledges that Infosys had bona fide disputes, its' counter claim for refund of previously paid severance amount of Rs. 5.2 crores and damages, has been rejected. The arbitral award is confidential.
Infosys will take legal advice for necessary actions to be undertaken in respect of the award.
Shares of INFOSYS LTD. was last trading in BSE at Rs.726.55 as compared to the previous close of Rs. 735.2. The total number of shares traded during the day was 292264 in over 8110 trades.
The stock hit an intraday high of Rs. 740 and intraday low of 725.1. The net turnover during the day was Rs. 213677284.