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Cognizant Technology Solutions has announced that it has resolved a lawsuit filed by Wipro against its former chief financial officer (CFO) Jatin Dalal.
Dalal left Wipro on November 30, 2023, after being with the company for 21 years. He joined Cognizant as the CFO in December. A few days later, Wipro sued Dalal, accusing him of breaking the non-compete agreement in his work contract. The company sought ₹25.15 crore in damages along with 18 per cent interest per annum till the date of payment.
Wipro sought to obtain damages and injunctive relief arising out of Dalal’s purported breach of non-compete agreement and confidentiality obligations with Wipro by joining the Company.
Reimbursing payments
Cognizant, in a filing with the US Securities Exchange Commission, said that on July 2 the company’s Compensation and Human Capital Committee of the Board of Directors approved payment of $505,087 to Jatin Dalal in connection with Dalal’s settlement of the lawsuit and related arbitration brought by his former employer, Wipro.
The settlement was reached without admission of liability by either party. The company’s payment covers Dalal’s settlement payment to Wipro as well as reimbursement of his legal fees, Cognizant said.
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