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The Infosys board initially did not take on record discussions relating to the severance pay of Rs 17.38 crore made to former Chief Financial Officer Rajiv Bansal at its meeting on October 12, 2015, says a report in the Mint newspaper, quoting a source. Infosys’s board only put this payment on record only in its board meeting on January 14, 2016, while announcing the third quarter numbers.
The severance pay to Rajiv Bansal and the hike in CEO Vishal Sikka's pay are at the heart of the corporate governance row at Infosys between the board and the co-founders. In an interview with Network 18, Infosys co-founder Narayana Murthy questioned the generous payout to Bansal—24 months salary—while pointing out that none of the other top-ranking executives were given such hefty severance pay when leaving.
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