Infosys to pay severance pay to former employee Rajiv Bansal

IT giant Infosys lost its conciliation case in the case of its former CFO Rajiv Bansal.

The Arbitral Tribunal on Tuesday asked Infosys to repay the outstanding due amount of Rs 12.17 crores of interest to Rajiv Bansal with a compensation pay (indemnity payment).

When an employee is terminated from a company before the scheduled time, the payment that is made to him is called severance pay.