Wipro, a leading Indian tech company with a market cap of Rs 283000 crore, has received over Rs 4 crore from its rival Cognizant as part of a settlement for a non-compete lawsuit. The lawsuit was filed against Cognizant’s newly appointed CFO, Jatin Dalal, who previously served as Wipro’s CFO before resigning in September 2023.
Cognizant confirmed that the lawsuit has been settled, stating that they paid Rs 42168248.88 to Dalal to resolve the dispute and related arbitration. The settlement comes after Wipro filed a lawsuit against Dalal in November 2023, accusing him of violating the non-compete clause in his employment contract.
“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 Mr. Dalal and Wipro,” Cognizant said in a filing, as reported by MoneyControl.
“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,” Dalal stated in a release.
In addition to the settlement with Dalal, Cognizant also confirmed that a similar lawsuit filed against former Wipro senior vice president (SVP) Mohammad Haque has also been settled.
Prior to joining Cognizant in December 2023, Jatin Dalal served as President and CFO of Wipro. He joined Wipro in 2002 after starting his career at the General Electric Company in 1999.
