Cognizant settles bribery case, to pay ₹ 170-cr penalty

US-based technology major Cognizant Technology Solutions has agreed to pay a hefty penalty of $25 million (around Rs 170 crore as per current exchange rate) to the US Securities Exchange Commission (US-SEC) in connection with a case of bribery in Tamil Nadu and Maharashtra.

The company is supposed to deposit the sum within 10 days of the judgement (February 25), the US-SEC ruling said.

The IT company has been asked to pay the penalty for alleged bribes to the tune of $3.6 million (about Rs 25 crore) between 2014 and 2016 to Indian government officials in Tamil Nadu and Maharashtra to secure permissions for constructing a tech campus.