Nasdaq-listed IT services major Cognizant on Tuesday said the firm’s Chief Financial Officer (CFO) Jatin Dalal (pictured) had reached a settlement in the “non-compete” lawsuit filed by Wipro.
The terms of the settlement, which was reached without any admission of liability by either party, are confidential.
The settlement resolves all pending disputes between Dalal and Wipro, said the company in a statement. Cognizant has paid $505,087 (around Rs 4.1 crore) in connection with Dalal’s settlement.
Cognizant’s regulatory filing further stated the company’s payment covered Dalal’s settlement payment to Wipro as well as the reimbursement of his legal fees.
“I am grateful for my journey with Wipro and I am pleased to have this matter behind me.
"I’m looking forward to continuing to drive Cognizant’s growth agenda while delivering value to our clients, employees, and shareholders,” said Dalal in a statement.
Saurabh Govil, president and chief human resource officer, Wipro, said: “We are glad this issue has been resolved safeguarding our contractual rights.
"We wish Jatin well in his future endeavours.”
Cognizant confirmed a similar settlement had been reached regarding the lawsuit between Wipro and Mohammad Haque.
Dalal, who had served Wipro for 21 years, resigned from the firm in September 2023 and in an surprising announcement joined rival Cognizant as CFO in December.
In the same month, Wipro filed a lawsuit against Dalal.
Then it accused Dalal of violating the “non-compete” clause by joining a rival within 12 months of his resignation.
Wipro had lodged a similar complaint against Haque.
He was senior vice-president and head of health care and medical devices for the Americas.
