Infosys has slapped a counter-suit against former CFO Rajiv Bansal amounting to more than Rs 100 crore.

Infosys has slapped a counter-suit against former CFO Rajiv Bansal amounting to more than Rs 100 crore.This is the latest in the developments after Bansal stepped down from the company in December 2015, where he expected to get two years of pay as severance amounting to Rs 17 crore.Infosys paid only Rs 5 crore so far and held back the remaining payment, after the company's co-founder termed the compensation as "excessive" and implied the management may be paying it as "hush money".Bansal moved the courts to claim the remaining Rs 12 crore, but Infosys has sought a counter claim from him for Rs 100 crore, alleging a breach of trust and non-fulfillment of obligations.

In December 2017, Infosys said it has submitted a settlement application to the Securities and Exchange Board of India (SEBI) with regard to issues surrounding the severance package of its former Chief Financial Officer."The settlement application pertains to matters relating to severance agreement entered into with the former CFO in October 2015," Infosys said in a filing to the stock exchange."Through the settlement process, the company wants to resolve allegations relating to the Company not seeking prior and separate approval of the Nomination and Remuneration Committee and the Audit Committee in relation to the severance agreement with the former CFO; and in relation to disclosures pertaining to the said severance agreement, cessation of payments and initiation of arbitration under the severance agreement."