Azim Premji's Wipro is one of the leading Indian tech companies with a market cap of Rs 283000 crore. It has now received over Rs 4 crore from rival Cognizant as part of a non-compete lawsuit filed against CFO Jatin Dalal, who resigned from Wipro in September 2023 and later joined Cognizant.
Cognizant has said that CFO Jatin Dalal has reached a settlement in the non-compete lawsuit filed by Wipro. Cognizant has paid Rs 42168248.88 to Dalal to settle the lawsuit and related arbitration. In November last year, Wipro filed a lawsuit against its former CFO, 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, MoneyControl reported.
"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 was quoted as saying in a release. Cognizant also said that former Wipro senior vice president (SVP) Mohammad Haque's lawsuit has also been settled with Wipro.
Prior to joining Cognizant in December 2023, Jatin served as President and CFO of Wipro. Jatin joined Wipro in 2002 from the General Electric Company, where he began his career in 1999.
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