Cognizant approves Rs 4 cr payment to settle CFO’s lawsuit with Wipro

New Delhi: Global IT services firm Cognizant on Tuesday said its Chief Financial Officer (CFO) Jatin Dalal has arrived at a settlement over the non-compete lawsuit filed by Wipro Ltd, and that the compensation and human capital committee has approved payment of about Rs 4 crore for the same. The settlement resolves all pending disputes between Dalal and Wipro, Cognizant said in a statement.

In an SEC filing, Cognizant said on July 2, 2024, the compensation and human capital committee of Board of Directors of Cognizant Technology Solutions Corporation approved the company’s payment of USD 505,087 (about Rs 4 crore) to CFO Jatin Dalal in connection with his settlement of lawsuit and related arbitration brought by his former employer, Wipro, over purported breach of non-compete and confidentiality obligations.