Wipro demands ex-employee to pay Rs 25 crore, Know why
Wipro has demanded its former CFO Jatin Dalal to pay a remuneration of Rs 25.15 crore for breach of contract.
Wipro has demanded its former CFO Jatin Dalal to pay a remuneration of Rs 25.15 crore along with annual interest at the rate of 18% per annum for breach of contract. The IT giant has filed a law suit against Jatin Dalal in the Civil court in Bengaluru. Jatin Dalal joined Cognizant on December 1 after resigning from Wipro CFO post.
In the court papers, the Azim Premji-owned company has claimed that Jatin Dalal has violated the non-compete clause in his employment contract. The Rs 25,15,52,875 crore remuneration has been demanded based on the value of RSUs (restricted stock units) and PSU (performance share units) granted to Dalal as the company CFO.
Moreover, the company has also asked the court to restrain Dalal from disclosing confidential information, and soliciting its customers, vendors and employees. The suit also stated that the company reserves the right to claim additional damages at a later date.
As per the employment contract, Jatin Dalal was not to join any rival company within 12 months after his resignation. However, as he joined Cognizant in December just after resigning in September, 2024. The court hearing of the case has been scheduled for January 3.
According to reports, Jatin Dalal took on the role of Wipro CFO in 2015 and was getting Rs 8.92 crore salary in FY23. Now, the annual salary of Jatin at Cognizant is around Rs 43 crore.
Jatin Dalal holds a Bachelor of Engineering degree from National Institute of Technology (NIT), India. He is also done on a Post Graduate Diploma in Business Administration (PGDBA) with a specialization in Finance and International Business from NMIMS, Mumbai.
Ms Kalinga