A recent report indicates that the dispute between IT major Wipro Ltd and its former Chief Financial Officer (CFO) Jatin Dalal might escalate further. According to Moneycontrol, Wipro filed a lawsuit in a Bengaluru court in November, alleging that Dalal violated a non-compete clause by joining Cognizant within 12 months. Wipro is seeking damages of Rs 25.15 crore from Dalal, along with 18% interest per annum until the date of payment.

In a document sourced by Moneycontrol, Wipro stated, “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.”

Dalal concluded his tenure at Wipro on November 30 and is set to assume the role of CFO at Cognizant, succeeding Jan Siegmund, who plans to retire in early 2024. Dalal will report to Cognizant’s CEO Ravi Kumar S. In September, Wipro announced Dalal’s resignation and the appointment of Aparna C Iyer as CFO with immediate effect.

At Cognizant, Dalal will oversee various global financial functions, including financial planning and analysis, accounting and controllership, tax, treasury, internal audit, corporate development, investor relations, and enterprise risk management.

Having been with Wipro for over 20 years, Dalal’s departure is the latest in a series of high-level resignations at the firm in recent months.

This legal dispute follows Wipro’s recent complaint against another former senior executive, Mohd Haque, for violating a non-compete clause by joining Cognizant before the end of his tenure.

Wipro reported nearly flat consolidated net profit of Rs 2,667.3 crore for the September quarter, falling short of street expectations, and projected a 3.5% decline in revenue for the current quarter due to a weak global economic outlook and uncertain business environment. Wipro CEO Thierry Delaporte highlighted the prevailing uncertainty, lower discretionary spends, and slower conversion of order books as contributing factors to the company’s cautious outlook.

A recent report indicates that the dispute between IT major Wipro Ltd and its former Chief Financial Officer (CFO) Jatin Dalal might escalate further. According to Moneycontrol, Wipro filed a lawsuit in a Bengaluru court in November, alleging that Dalal violated a non-compete clause by joining Cognizant within 12 months. Wipro is seeking damages of Rs 25.15 crore from Dalal, along with 18% interest per annum until the date of payment.

In a document sourced by Moneycontrol, Wipro stated, “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.”

Dalal concluded his tenure at Wipro on November 30 and is set to assume the role of CFO at Cognizant, succeeding Jan Siegmund, who plans to retire in early 2024. Dalal will report to Cognizant’s CEO Ravi Kumar S. In September, Wipro announced Dalal’s resignation and the appointment of Aparna C Iyer as CFO with immediate effect.

At Cognizant, Dalal will oversee various global financial functions, including financial planning and analysis, accounting and controllership, tax, treasury, internal audit, corporate development, investor relations, and enterprise risk management.

Having been with Wipro for over 20 years, Dalal’s departure is the latest in a series of high-level resignations at the firm in recent months.

This legal dispute follows Wipro’s recent complaint against another former senior executive, Mohd Haque, for violating a non-compete clause by joining Cognizant before the end of his tenure.

Wipro reported nearly flat consolidated net profit of Rs 2,667.3 crore for the September quarter, falling short of street expectations, and projected a 3.5% decline in revenue for the current quarter due to a weak global economic outlook and uncertain business environment. Wipro CEO Thierry Delaporte highlighted the prevailing uncertainty, lower discretionary spends, and slower conversion of order books as contributing factors to the company’s cautious outlook.