Jatin Dalal resigned from Wipro in September after a 21 year long stint and joined Cognizant in December.
Azim Premji owned Wipro wants its ex-employee Jatin Dalal to pay damages of Rs 25.15 crore along with annual interest at the rate of 18% per annum from September 29. For those who are unaware, Jatin Dalal resigned as Wipro CFO and joined Cognizant on December 1. Now a lawsuit has been filed against Jatin Dalal by Wipro. The IT giant claims that Jatin Dalal has violated the non-compete clause in his employment contract. As per a report by the Economic Times, the non-compete clause in Jatin Dalal’s employment contract with Wipro barred him from joining any rival company within 12 months after his resignation. However, Jatin Dalal resigned from Wipro in September after a 21 year long stint and joined Cognizant in December. The court will hear arguments from both the parties on hearing scheduled for January 3. The court will reportedly decide to refer the case to arbitration in the upcoming hearing.
As per Economic Times, Jatin Dalal’s annual salary at Cognizant is around Rs 43 crore. While working at Wipro, his salary dropped by 26% from Rs 12.07 crore in FY22 to Rs 8.92 crore in FY23. The report revealed that contents of lawsuit reads, “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 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% per annum until the date of payment," it added.
Jatin Dalal holds a Bachelor of Engineering degree from National Institute of Technology (NIT), Surat, India as well as a Post Graduate Diploma in Business Administration (PGDBA) with a specialization in Finance and International Business from NMIMS, Mumbai, India.
Jatin has been a part of Wipro since 2002, taking on various finance-related roles throughout his tenure. From 2002 to 2004, he spearheaded the establishment of Wipro's internal Shared Services division, serving as its head of finance. Prior to this, from 2011 to 2015, he held the position of CFO for Wipro's Global IT Business, operating out of Bangalore.
Before joining Wipro, Jatin was part of the prestigious Financial Management Program (FMP) of General Electric (GE) where he was a ‘Global Corporate Honors’ awardee. Dalal served as a member of the New York Stock Exchange's Listed Company Advisory Board from June 2015 to November 2022. He is also the co-chair of the CFO Committee of the Confederation of Indian Industry (CII) for fiscal year 2023-2024.
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