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  Business   Companies  10 Feb 2017  Infosys chair R Seshasayee must resign: V Balakrishnan

Infosys chair R Seshasayee must resign: V Balakrishnan

Published : Feb 10, 2017, 6:29 pm IST
Updated : Feb 10, 2017, 7:08 pm IST

Ex-CFO Balakrishnan demands this as 'rift' surfaces over severance package to former CFO Rajiv Bansal.

Former chief financial officer of Infosys, V Balakrishnan.
 Former chief financial officer of Infosys, V Balakrishnan.

Mumbai: Former Infosys chief financial officer V Balakrishan has demanded that R Seshasayee, incumbent chairman of technology and software major, must resign.

Balakrishnan's comments come in the backdrop of a purported 'rift' that has rocked the Bengaluru-based tech firm over the issue of severance package given to another former CFO Rajiv Bansal.

According to media reports, Bansal at the time of quitting the company was given Rs 17.4 crore as a leaving remuneration that according to Infosys' co-founder N R Narayana Murthy was not a standard practice in India's corporate world.

"Communication between important shareholders and the board has broken down and the board should be reconstituted and all concerns should be addressed," Mr Balakrishnan told NDTV.

Earlier, the IT firm had denied any corporate governance lapses has had occurred at the company.

According to NDTV, in January Murthy along with other co-founders Kris Gopalakrishnan and Nandan Nilekani had written to Infosys board raising concerns over huge salary and severance packages.

The company last year gave chief executive Vishal Sikkka a handsome hike and raised his annual remuneration to $11 million that included performance -based variable pay.

Tags: infosys, v balakrishnan, severance package, r seshasayee, vishal sikka, narayan murthy
Location: India, Maharashtra, Mumbai (Bombay)