Cognizant Technology Solutions, a Teaneck, New Jersey headquartered IT services and digital transformation provider, said its Chief Financial Officer Jatin Dalal had reached a settlement in the non-compete lawsuit filed by his former employer Wipro with a payment of $505,087 (about ₹4 crore).
According to a regulatory filing the company made on Securities and Exchange Commission (SEC) on Tuesday, on July 2, 2024, the Compensation and Human Capital Committee of the Board of Directors of Cognizant Technology Solutions Corporation approved the payment of $505,087 to its CFO Jatin Dalal, in connection with his settlement of the lawsuit and related arbitration brought by his former employer Wipro Ltd.
Wipro had sought to obtain damages and injunctive relief arising out of Mr. Dalal’s purported breach of non-compete and confidentiality obligation under his compensation agreement.
The settlement was reached without admission of liabilities by either party. The repayment covers Mr. Dalal’s settlement payment to Wipro as well as reimbursement of his legal fees, as per the filing. Mr. Dalal left Wipro as its CFO in November 2023 to join its market rival Cognizant in December that year. The settlement comes after a legal battle of seven months.
Published - July 09, 2024 09:08 pm IST
