कॉग्निजेंट ने विप्रो के साथ सीएफओ मुकदमे का निपटारा किया; 4 करोड़ रुपये का भुगतान किया।

कॉग्निजेंट ने विप्रो के साथ सीएफओ मुकदमे का निपटारा किया; 4 करोड़ रुपये का भुगतान किया।

Cognizant settles CFO lawsuit with Wipro; pays Rs 4 crore in settlement.

Cognizant announced a confidential settlement with its CFO, Jatin Dalal, regarding a "non-compete" lawsuit filed by Wipro.

  • Business
  • 83
  • 09, Jul, 2024
Jyoti Ahlawat
Jyoti Ahlawat
  • @JyotiAhlawat

Cognizant settles CFO lawsuit with Wipro; pays Rs 4 crore in settlement.

Nasdaq-listed IT services giant Cognizant announced on Tuesday that its Chief Financial Officer, Jatin Dalal, had reached a settlement in the "non-compete" lawsuit filed by Wipro. The terms of the settlement, which were agreed upon without any admission of liability from either party, are confidential. This settlement resolves all pending disputes between Dalal and Wipro, according to a company statement.

Cognizant paid $505,087 (approximately Rs 4.1 crore) in connection with Dalal’s settlement. The regulatory filing indicated that this payment covered Dalal’s settlement with Wipro as well as the reimbursement of his legal fees.

"I am grateful for my journey with Wipro and pleased to have this matter behind me. I look forward to continuing to drive Cognizant’s growth agenda while delivering value to our clients, employees, and shareholders," said Dalal.

Saurabh Govil, President and Chief Human Resource Officer at Wipro, commented, "We are glad this issue has been resolved, safeguarding our contractual rights. We wish Jatin well in his future endeavors."

Cognizant also confirmed that a similar settlement had been reached regarding the lawsuit between Wipro and Mohammad Haque.

Dalal, who had served Wipro for 21 years, resigned in September 2023 and joined rival Cognizant as Chief Financial Officer in December. In the same month, Wipro filed a lawsuit against Dalal, accusing him of violating the "non-compete" clause by joining a competitor within 12 months of his resignation. Wipro had lodged a similar complaint against Haque, who was Senior Vice President and Head of Healthcare and Medical Devices for the Americas.

News Reference

Jyoti Ahlawat

Jyoti Ahlawat

  • @JyotiAhlawat