An Indian multinational corporation, Wipro has filed a complaint against its former Chief Financial Officer (CFO) Jatin Dalal who had joined Cognizant recently. The lawsuit is filed in Bengaluru’s civil court.
The hearing is scheduled for January 3. However, Jatin Dalal has applied, requesting the court to refer the matter to arbitration.
As per the recent move, Wipro seeks Rs 25 crore plus interest for joining Cognizant within 12 months for breaching the non-compete clause by joining Cognizant.
The report of Moneycontrol the complaint read, “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 percent) per annum until the date of payment,” the company added.
Jatin Dalal’s last date of work at Wipro was on November 30, then Cognizant Technology appointed Jatin Dalal as the CFO with the appointment anticipated to be effective in December 2023.
He reports to Ravi Kumar S, Cognizant’s Chief Executive Officer. He oversees responsibilities such as Cognizant’s worldwide financial planning and analysis, accounting and controllership, tax, treasury and internal audit, corporate development, investor relations, and enterprise risk management functions.
Jatin Dalal joined Cognizant from Wipro, a multinational technology services and consulting company, where, since April 2015, he served as Chief Financial Officer and assumed additional responsibilities as President in 2019.
Previously, he was CFO of Wipro’s Global IT Business from 2011 to 2015 in Bangalore, and before that, he served as Wipro’s UK Head of Finance for the Europe region and as the Global Finance Head for the company’s Energy & Utilities, Health Care, and Manufacturing business units.
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