No impropriety in Rajiv Bansal’s pay: Infy

Amid speculations that its former CFO Rajiv Bansal was given a huge severance package to “silence” him from disclosing any impropriety, Infosys on Sunday said two separate, independent investigations did not reveal any “wrong-doings or efforts to cover up”.

Mr Bansal, who resigned in October last year, was promised a severance package amounting to 24 months' pay, totalling Rs 17.38 crore.

However, following certain insinuations/ rumours and an anonymous letter regarding Bansal’s separation, Infosys’ Board/Audit Committee had proactively ordered two separate, independent investigations — one in October, 2015 and the second in August this year.

The investigation looked into the circumstances that led to the severance agreement, and in particular, whether payment was being made to prevent Bansal from disclosing any impropriety.

“The investigations were conducted by Cyril Amarchand Mangaldas, a reputed law firm. Both investigations were shadowed by KPMG, the company's auditors, and revealed no wrong doings or efforts to cover up any wrong doings,” Infosys said in a statement on its website.