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Infosys files settlement application with SEBI over former CFO's severance

Infosys Ltd. filed a settlement application with the Securities and Exchange Board of India over a severance agreement that the company signed with former CFO Rajiv Bansal in October 2015.

The company said in a Dec. 6 filing to the BSE that the settlement application process is based on an undertaking that the company will "neither admit nor deny the findings of fact or conclusion of law."

Infosys noted that it is seeking to resolve allegations that it failed to obtain prior and separate approval of the nomination and remuneration committee and the audit committee in relation to the severance agreement signed with Bansal.

The company also looks to resolve allegations related to disclosures pertaining to the severance agreement, cessation of payments and initiation of arbitration under the severance agreement.

Infosys and Bansal are currently engaged in arbitration over the stoppage of the former CFO's severance payments, The Economic Times reported Dec. 7.

In May 2016, Infosys disclosed that it agreed to pay Bansal 170 million Indian rupees in severance, but had only paid about 50 million rupees before stopping the payments.

Infosys said it would provide an update on the matter when the settlement process is completed.

As of Dec. 6, US$1 was equivalent to 64.54 Indian rupees.