Bengaluru: Knowledgeable 4 crore rupees have been agreed agreement This deal has been done to resolve all the pending disputes between the company's CFO Jatin Singh and his family. Broker and his former employer Wipro.
Wipro had demanded Rs 25 crore from the broker for violating the rules. Contract He joined Cognizant as CFO soon after leaving Wipro in November 2023. Cognizant paid Rs 4 crore to the broker towards the settlement deal, though it was not named in a Bengaluru court order in January where it had invoked its rights to the arbitral tribunal. mediate No action either.
Cognizant said the terms of the settlement, which was reached without admission of liability by either party, are confidential. It also noted that the settlement resolves all pending disputes between the broker and Wipro. “The settlement was reached without admission of liability by either party. The Company's payments include the settlement payment made by the broker to Wipro as well as reimbursement of their legal fees,” Cognizant said in a filing with the SEC on Tuesday.
Some proxy advisory experts have said the settlement raises questions about whether it sets a precedent in the industry. Non-compete Contractual obligations.
The Rs 25 crore claim was based on the value of RSUs and PSUs granted to Dalal since he became CFO in 2015. The company had said in a court filing that each grant came with a condition that for a period of 12 months after the last date of his employment, Dalal could not directly or indirectly engage with a competitor, could not ask a Wipro client to transfer existing business to another party, and could not ask a Wipro employee to engage with a competitor, supplier or customer.
Wipro President and CHRO Saurabh Govil said, “We are pleased that the issue has been resolved, thereby protecting our contractual rights.” When TOI asked Wipro if a settlement had been reached between the broker and Wipro, given that the settlement amount was much less than what Wipro had sought, the company did not respond to TOI's queries.
Wipro had demanded Rs 25 crore from the broker for violating the rules. Contract He joined Cognizant as CFO soon after leaving Wipro in November 2023. Cognizant paid Rs 4 crore to the broker towards the settlement deal, though it was not named in a Bengaluru court order in January where it had invoked its rights to the arbitral tribunal. mediate No action either.
Cognizant said the terms of the settlement, which was reached without admission of liability by either party, are confidential. It also noted that the settlement resolves all pending disputes between the broker and Wipro. “The settlement was reached without admission of liability by either party. The Company's payments include the settlement payment made by the broker to Wipro as well as reimbursement of their legal fees,” Cognizant said in a filing with the SEC on Tuesday.
Some proxy advisory experts have said the settlement raises questions about whether it sets a precedent in the industry. Non-compete Contractual obligations.
The Rs 25 crore claim was based on the value of RSUs and PSUs granted to Dalal since he became CFO in 2015. The company had said in a court filing that each grant came with a condition that for a period of 12 months after the last date of his employment, Dalal could not directly or indirectly engage with a competitor, could not ask a Wipro client to transfer existing business to another party, and could not ask a Wipro employee to engage with a competitor, supplier or customer.
Wipro President and CHRO Saurabh Govil said, “We are pleased that the issue has been resolved, thereby protecting our contractual rights.” When TOI asked Wipro if a settlement had been reached between the broker and Wipro, given that the settlement amount was much less than what Wipro had sought, the company did not respond to TOI's queries.