Phaneesh Murthy may lose $15 million benefits from iGATE

After being sacked form iGate Corp on Tuesday, its former CEO Phaneesh Murthy may also lose near about $15.09 million (Rs 84 crore) post termination benefit. Yesterday iGate sacked Murthy for not disclosing a relationship with a subordinate and alleged sexual harassment.

“Upon termination other than for cause, Murthy would receive a lump sum payment of twelve (12) months’ severance at $1,000,000,” iGATE proposed in March 2013. Since iGATE sacked Murthy for violating company policy he may end up losing the severance benefits.

Phaneesh Murthy had a history of professional misconduct. In 2004 he had to resign from Infosys following a sexual harassment case against him. This case was settled out of court.

Meanwhile NASSCOM Chairman Krishnakumar Natarajan said iGATE has taken right decision to fire its President and CEO Phaneesh Murthy over alleged sexual harassment.

“A right decision has been taken. I think the decision reflects what IT industry standards for. It stands for the highest standards of governance and integrity,” Natarajan told reporters.

“It is a very isolated incident and has no bearing in terms of what implications it has on Indian IT industry,” Natarajan added.

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