Infosys board should give detailed answer over 'excessive' pay issue: Ex-CFO Pai

Amid reports of founders raising concerns over corporate governance and "excessive" pay packages at Infosys, former chief financial officer T V Mohandas Pai on Wednesday said the board should give a detailed answer and not take shelter under "bland" statement that decisions were taken in the interest of the company.

"The founders who have built the company and created a value system have raised serious issues. As far as I know, no CFO in India has got a 24-month separation," said the former Infosys board member.

Pai was referring to ex-CFO Rajiv Bansal's severance package of Rs 17.38 crore, equalling 24 months of pay.

"And (earlier) CFOs have left the company and they have not got any separation. There is no case for a special treatment for anybody. And the management cannot be generous with shareholder money because it's not their money. It's a serious lapse which should be looked into by the board," Pai told.