Jatin Dalal’s Poaching Cost’s Rs 4 Crore to Cognizant – Lawsuit settle with Wipro
Cognizant's CFO Jatin Dalal has settled a non-compete lawsuit filed by Wipro, with the company approving a payment of Rs 4 crore to resolve the dispute.
Global IT services firm Cognizant said on Tuesday that its Chief Financial Officer (CFO) Jatin Dalal has reached a settlement with Wipro Ltd over a non-compete lawsuit, and that the compensation and human capital committee has approved a payment of approximately Rs 4 crore.
According to Cognizant, the deal settles all ongoing disputes between Dalal and Wipro.
In an SEC filing, Cognizant stated that on July 2, 2024, the compensation and human capital committee of the Board of Directors of Cognizant Technology Solutions Corporation approved the company’s payment of USD 505,087 (roughly Rs 4 crore) to CFO Jatin Dalal in connection with his settlement of a lawsuit and related arbitration brought by his former employer, Wipro, over a purported breach of noncompete and confidentiality obligations.
“The settlement was reached without admission of liability by either party,” the SEC report stated.
Cognizant further stated that its contribution covers Dalal’s settlement payment to Wipro as well as reimbursement of his legal fees.
“I am glad for my experience with Wipro and relieved to have this situation behind me. “I’m excited to continue driving Cognizant’s growth agenda while delivering value to our clients, employees, and shareholders,” Dalal said in a statement provided by Cognizant.
The Cognizant statement also described Wipro’s President and Chief Human Resource Officer, Saurabh Govil, as saying, “We are happy to have settled this matter.”
“We are relieved that this problem has been handled, ensuring our contractual rights. “We wish Jatin success in his future endeavors,” Govil stated.
Cognizant also verified that a similar resolution was reached in the litigation between Wipro Ltd. and Mohammad Haque, the statement said.
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