Wipro seeks Rs 25.15 crore damages from former CFO Jatin Dalal for breaching non-compete clause
Tech major Wipro has sought Rs 25.15 crore damages from its former Chief Financial Officer (CFO) Jatin Dalal for violating the non-compete clause of his employment contract.
IANS
Dec 29, 2023 08:44
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Bengaluru, Dec 29 (IANS) Tech major Wipro has sought Rs 25.15 crore damages from its former Chief Financial Officer (CFO) Jatin Dalal for violating the non-compete clause of his employment contract.
Wipro has also sought 18 per cent interest per annum till the date of payment.
The company had filed a lawsuit against Dalal in Bengaluru civil court on November 28, contending that, as per the agreements, he is liable to recompense the company 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 months of service.
However, without prejudice and in good faith, the plaintiff has restricted its claim, it stated.
In turn, Dalal, presently with Cognizant as CFO, had also submitted an application to the court requesting arbitration.
The court has heard arguments from both sides, and the matter was adjourned to January 3.
Dalal is likely to move to the US or UK once his visa formalities are completed.
The first hearing of the case was held on November 28.
In the first week of December, Dalal filed an application under the provision of Section 8 of the Arbitration and Conciliation Act, 1996, under which the court could direct parties to arbitration under its judicial authority.
Dalal had worked with Wipro for two decades, and presently, he reports to CEO Ravi Kumar at Cognizant. He was elevated to the position of CFO in 2015 and took charge as the P:resident in 2019.
Wipro had recently filed a complaint against its former Senior Vice President Mohd Haque for violating non-compete covenants by joining Wipro’s direct competitor, Cognizant.
