The severance pay given to Mr. Bansal was a “judgment” error made by the company board due to a subjective element that guided the drawing up of severance packages, according to Mr. Seshasayee. Judgment error“In determining the severance package of Bansal when he left the company in October 2015, there was a business judgment by the Board and this amount was agreed to be paid,” Mr. Seshasayee told reporters at a press conference here. The suspicion of his severance pay being ‘hush money’ is deeply disturbing,” said Mr. Seshasayee, who had been blamed by some of the founders for lapses of corporate governance at the IT major, even as he denied any conflict of interest between the firm’s promoters and the board of directors. It’s to assimilate views of all stakeholders, including the promoters and to ensure that we have common values within a legal framework.”Talking about his relationship with the founders, Mr. Sikka said, “There are no differences with promoters. His wisdom and experience are deeply valued which is viewed as criticism.”Defending Mr. Sikka’s use of chartered aircraft for corporate travel, Mr. Seshasayee said, “I have been asked why Vishal Sikka is using corporate jets.

Source: The Hindu February 13, 2017 17:26 UTC