Cognizant settles lawsuit with Wipro over CFO’s appointment
Cognizant paid around Rs 4.1 crore to its CFO Jatin Dalal to settle the case against his former employer Wipro.
Technology services company has reached a settlement in the non-compete lawsuit filed by over the appointment of Chief Financial Officer Jatin Dalal. This involved a payment of $505,087 (around Rs 4.1 crore).
“On July 2, 2024, the Compensation and Human Capital Committee of the Board of Directors of Cognizant Technology Solutions Corporation approved the Company’s payment of $505,087 to Mr Jatin Dalal, the Company’s Chief Financial Officer, in connection with Mr Dalal’s settlement of the lawsuit and related arbitration brought by his former employer, Wipro Limited,” Cognizant said in a filing.
Cognizant CFO Jatin Dalal
The amount paid by Cognizant covers Dalal’s settlement payment to Wipro as well as reimbursement of his legal fees.
Wipro had filed a case against former CFO Jatin Dalal, who then later joined Cognizant. Dalal resigned from his position of CFO at Wipro in September 2023 and joined Cognizant on December 1.
The terms of the settlement, which was reached without any admission of liability by either party, are confidential, Cognizant said in a statement. The settlement resolves all pending disputes between Mr. Dalal and Wipro.
"I am grateful for my journey with Wipro and I am pleased to have this matter behind me. I’m looking forward to continuing to drive Cognizant’s growth agenda while delivering value to our clients, employees, and shareholders,” said Dalal.
“We are happy to have settled this matter. We are glad this issue has been resolved safeguarding our contractual rights. We wish Jatin well in his future endeavours,” said Saurabh Govil, President and Chief Human Resource Officer, Wipro Limited.
Cognizant also said that a similar settlement has been reached regarding the lawsuit between Wipro Limited and Mohammad Haque, a former Wipro senior executive.
Edited by Jyoti Narayan
