“Wipro’s Lawsuit against Ex-CFO Jatin Dalal Referred to Arbitration for Resolution”
In a recent development in the legal tussle between Wipro and its former Chief Financial Officer (CFO) Jatin Dalal, a Bengaluru civil court has directed the matter to arbitration, concluding a chapter in the ongoing dispute. The court’s decision stems from an interlocutory application (IA) by Dalal, seeking arbitration with his former employer, which was granted on Wednesday.
In a recent development in the legal tussle between Wipro and its former Chief Financial Officer (CFO) Jatin Dalal, a Bengaluru civil court has directed the matter to arbitration, concluding a chapter in the ongoing dispute. The court’s decision stems from an interlocutory application (IA) by Dalal, seeking arbitration with his former employer, which was granted on Wednesday.
The court’s order, referencing Sec.8 of the Arbitration & Conciliation Act, 1996, stated, “I.A.No.5 filed by the defendant/applicant under Sec.8 of the Arbitration & Conciliation Act, 1996 is hereby allowed.” Consequently, it invoked Sec.8(1) of the Act, referring the parties to arbitration based on the arbitration clause outlined in the agreements.
While Dalal’s plea for arbitration found favor with the court, another application seeking the production of certain documents was dismissed. The court noted that the documents in question had already been submitted, leading to the dismissal of I.A.No.4 filed by Dalal under Sec.8(2) of the Arbitration & Conciliation Act, 1996.
This legal confrontation arose when Wipro filed a lawsuit against its former CFO, Jatin Dalal, on November 28, pursuing substantial compensation of ₹25,15,52,875 along with an 18% interest. The core contention of the lawsuit revolves around Dalal’s alleged breach of a specific clause in his employment contract by joining Cognizant within a year of departing from Wipro.
Wipro asserts that Dalal’s move to Cognizant violated a non-compete clause, obliging him to compensate the company for the value of the Restricted Stock Units (RSUs) granted or an amount equivalent to his total remuneration over the preceding 12 months.
Dalal’s appointment as CFO at Cognizant Technology Solutions occurred swiftly in September, merely a week following his resignation from Wipro. His association with Wipro dates back to 2002, eventually assuming the pivotal role of CFO in 2015. His tenure concluded on November 30, marking the transition to Aparna Iyer as his successor at Wipro.
This recent judicial direction to arbitrate marks a significant step in resolving the legal wrangle between Wipro and its former CFO. The move towards arbitration signals a shift towards alternative dispute resolution methods and could potentially pave the way for amicable settlement outside the courtroom.
Sources By Agencies
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