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A top executive of Cyient has been acquitted by a US court in a case that charged him with violating a no-poach agreement.
The Hyderabad-based engineering and technology solutions company, said the case was brought by the US DoJ against the executive on grounds of violation of the Sherman Act for alleged ‘No-Poach’ agreement.
The case was dismissed mid-trial by a federal court on April 28.
The case, initiated in December 2021, alleged illegal suppression of competition and wages by restricting hiring and recruiting of engineers in violation of the Sherman act by six aerospace executives.
Also read: Cyient Q3 net profit up at Rs 157 cr
Meanwhile, the associated civil class action law suit naming Cyient Inc as a co-defendant continues.
“We strongly deny all allegations and are taking all necessary steps for its defence,” the company said in a statement on Tuesday.
“This matter will have no materially adverse effect on the company’s operations, finances, or liquidity,” it said.
“Cyient has always conducted business with strict adherence to our Values FIRST framework. The acquittal of our executive further proves the highest standards of ethics our business adheres to,” Krishna Bodanapu, Executive Vice-Chairman & Managing Director, Cyient Ltd, said.
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