BENGALURU: The board of directors of Cognizant Technology Solutions Corporation has approved the company’s payment of $ 505,087 to its chief financial officer, Jatin Dalal, in connection with Dalal’s settlement of the lawsuit and related arbitration brought by his former employer, Wipro Limited.
In SEC filings, Cognizant said, "The settlement was reached without admission of liability by either party. The company’s payment covers Mr. Dalal’s settlement payment to Wipro as well as reimbursement of his legal fees."
In December last year, Wipro filed a suit against its former CFO, Jatin Dalal, who joined rival Cognizant. The company had initiated legal proceedings in the civil court in Bengaluru, but Dalal requested the court move the matter to arbitration.
Wipro sought to obtain damages and injunctive relief arising out of Dalal’s purported breach of non-compete and confidentiality obligations under certain compensation agreements with Wipro by joining Cognizant.
Dalal joined Wipro in 2002, became CFO of the company in April 2015, and assumed additional responsibilities as President beginning in December 2019. Later, in December 2023, he joined Cognizant as its CFO.