Global IT services giant Cognizant Technology Solutions announced that its CFO, Jatin Dalal, has settled a non-compete lawsuit filed by his former employer Wipro. The settlement amount is $505,087, which is around Rs 4 crore.
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Cognizant stated that the terms of the settlement, reached without any admission of liability by either party, are confidential. This settlement resolves all pending disputes between Dalal and Wipro.
On July 2, 2024, Cognizant’s Compensation and Human Capital Committee approved the payment to Dalal in connection with the lawsuit and related arbitration brought by Wipro. The details were disclosed in a regulatory filing with the US Securities and Exchange Commission (SEC).
