December 6, 2017 / 4:02 PM / 9 days ago

Infosys seeks settlement with regulator on ex-CFO's severance pay

MUMBAI, Dec 6 (Reuters) - Infosys has sought a settlement with India’s market regulator over a disputed severance package awarded to its former chief financial officer.

Founders of the Indian IT services company, led by Narayana Murthy, had objected to the payout to Rajiv Bansal and the ensuing row culminated in the resignation of the then CEO Vishal Sikka and chairman R Seshasayee.

Infosys said in a statement on Wednesday it had applied to the Securities and Exchange Board of India as it wanted to resolve allegations, including issues related to not seeking the prior approval of the nomination and remuneration committee and disclosures relating to the payout.

The company, which appointed Salil Parekh as its new CEO on Saturday, said the process was based on an undertaking that it would “neither admit nor deny” any findings. (Reporting by Suvashree Dey Choudhury; editing by Alexander Smith)

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