#Business

Cognizant Approves Rs 4 Crore Settlement for CFO’s Lawsuit with Wipro

Global IT services firm Cognizant has announced the resolution of a non-compete lawsuit involving its Chief Financial Officer (CFO) Jatin Dalal and his former employer, Wipro Ltd. On Tuesday, Cognizant disclosed that its compensation and human capital committee has approved a payment of approximately Rs 4 crore to settle the dispute.

The settlement effectively resolves all pending issues between Dalal and Wipro, as confirmed by Cognizant in a formal statement. The dispute centered on alleged breaches of non-compete and confidentiality obligations by Dalal.

According to an SEC filing, on July 2, 2024, Cognizant’s compensation and human capital committee sanctioned the payment of USD 505,087 (around Rs 4 crore) to Dalal. This payment is part of the agreement to settle the lawsuit and related arbitration initiated by Wipro.

This resolution allows Dalal to continue his role at Cognizant without the legal encumbrances from his previous employment, marking a significant step forward for both Dalal and the company.

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