Wipro seeks Rs 25.15 core in damages from ex-CFO

IT major Wipro, which has sued its former Chief Financial Officer(CFO) Jatin Dalal has accused him of breaking the non-compete agreement in his work contract. The company is seeking ₹25.15 crore in damages along with 18 per cent interest per annum till the date of payment, according to reports.

Dalal’s non-compete agreement condition stated that he must wait a full year from his resignation date before joining any other competitor company, a media outlet reported. Wipro had filed a lawsuit against Dalal in the Bengaluru civil court on November 28.

“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),” the lawsuit reportedly said.

However, without prejudice and in good faith the plaintiff has restricted its claim, which is calculated as ₹25,15,52,875 along with interest calculated at 18 per cent (eighteen per cent) per annum until the date of payment, it added.

Dalal had submitted an application at the beginning of December in accordance with Section 8 of the Arbitration and Conciliation Act of 1996, which gives the court the ability to order the parties to arbitration.

He had joined Cognizant as CFO on December 1. He was appointed in September by the company. The Wipro veteran succeeds Jan Siegmund, who intends to retire in early 2024. Dalal was with Wipro for 21 years and assumed the position of CFO in 2015. He was relieved from his services from November 30, 2023.

Reportedly, Wipro has also filed a case against Mohd Haque, its former Senior Vice-President (SVP) and head of healthcare and medical devices for the Americas, alleging that he violated non-compete agreements by taking a position as the SVP and head of the life sciences business unit at Cognizant, Wipro’s direct rival. Per reports, Wipro has also claimed that he violated his work contract by uploading and sending seven files from his personal Gmail account. The Hindu BusinessLine