BENGALURU: Nasdaq-listed Cognizant Technology Solutions on Tuesday said it has resolved a lawsuit against its chief financial officer Jatin Dalal filed by his former employer Wipro.
The software company said it approved payment of $505,087 (about Rs 4.1 crore) to its CFO, in connection with Dalal’s settlement of the lawsuit brought by Wipro.
In a US Securities and Exchange Commission (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.”
Wipro sought to obtain damages and injunctive relief arising out of Dalal’s purported breach of non-compete and confidentiality obligations under certain of Dalal’s compensation agreements with Wipro by joining Cognizant.
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 to move the matter to arbitration.
Dalal joined Wipro in 2002 and became CFO of the company in April 2015 and also assumed additional responsibilities as President beginning in December 2019.