Infosys is on the wrong side of the news since last few days. After the founders came hard against the CEO Vishal Sikka, a whistleblower letter was issued against Infosys. However, the letter is now with SEBI and they are scrutinizing the same to understand any wrongdoing.
The letter has accused the board and the management for the payout of the Ex- CFO, Rajiv Bansal. Mr. Rajiv was there with Infosys for around 17 years and he got around 17.38 Crores years in the company. His payout has drawn large criticism from the founders and even some section of the stakeholders. However, Vishal Sikka remains adamant on his terms. Even the whistleblower blamed the CEO for taking way too large payment after receiving formal approval from the board members. This has also come into objection.
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However, SEBI is looking at the contracts of Infosys with Rajiv Bansal and others to determine whether anything was modified or violated the original contract. The letter says that the Ex-CFO received around payout for 30 months when he should have only got 3 months.
The tug of war between Founders and CEO has now been joined by SEBI and that could be more trouble for the company. However, the company has said that appropriate response would be provided when sought.