Cigniti Technologies Ltd's US subsidiary to file law suit against former employees, related entity

At the meeting of the Board of Directors of M/s. Cigniti Technologies Limited held on Wednesday, 1st December, 2021 through video conference ratified the decision of the resolution of the Company's US subsidiary Cigniti Inc; USA to proceed with the filing of a law suit against its former employees Pradeep Govindasamy, Kalyana Rao Konda, and a related entity QualiZeal Inc. The claims include breach of contract, breach of fiduciary duty, tortious interference, statutory misappropriation of trade secrets, civil conspiracy, and fraudulent concealment. The Board also authorized Mr. C.V.Subramanyam, Chairman & Managing Director of the company to proceed against the relevant employees, members and entities who were involved and explore the possibility of filing legal claims in the courts.

Shares of Cigniti Technologies Limited was last trading in BSE at Rs. 588.40 as compared to the previous close of Rs. 583.15. The total number of shares traded during the day was 2957 in over 579 trades.

The stock hit an intraday high of Rs. 605.15 and intraday low of 585.75. The net turnover during the day was Rs. 1758949.00.

Source : Equity Bulls

Keywords

CignitiTechnologiesLimited INE675C01017 CIGNITITEC ITConsulting Software Lawsuit Employees