Wipro demands more than Rs 25 crore from former CFO Jatin Dalal

Wipro is suing former CFO Jatin Dalal for damages, and the case could get worse. Wipro is requesting Rs 25.15 crore in damages. Dalal was accused of violating a non-compete agreement by joining Cognizant within a year of the lawsuit's filing in November. Wipro made a demand for payment based on an RSU arrangement. On November 30, Dalal departed Wipro and joined Cognizant.  

“As per the Agreements, the Defendant is liable to recompense the Plaintiff the total number of RSU granted multiplied by the share price prevailing on the date of the award OR the calculated sum equivalent to the gross remuneration earned by the Defendant during the last 12 (twelve) months of service (as applicable). However, without prejudice and in good faith the Plaintiff has restricted its claim, which is calculated as INR 25,15,52,875/- (Rupees Twenty Five Crores Fifteen Lakhs Fifty Two Thousand Eight Hundred and Seventy-five) along with interest calculated at 18% (eighteen per cent) per annum until the date of payment,” stated the complaint. 

Dalal's last date of work at Wipro was on November 30. In his new role at Cognizant, he will take over from Jan Siegmund, who plans to retire in early 2024. Dalal will report to the company's CEO Ravi Kumar S. 

In September, Wipro said Dalal has resigned to pursue other career opportunities, and Aparna C Iyer was appointed as CFO with immediate effect. In his new role at Cognizant , Dalal will be overseeing various financial functions globally, such as financial planning and analysis, accounting and controllership, tax, treasury, internal audit, corporate development, investor relations, and enterprise risk management. 

Dalal has been with Wipro for over 20 years, his exit is the latest among the slew of top-level resignations the firm has seen over the past few months. 

The legal wrangle comes days after the software firm filed a complaint against a former senior executive for violation of a non-compete clause in his employment contract to join Cognizant.