Wipro, India's third-biggest software services exporter, has initiated legal action against its former chief financial officer (CFO) Jatin Dalal in the Bengaluru civil court. In a countermove, Dalal has promptly submitted an application, requesting the court to refer the matter to arbitration. The specific reasons behind the lawsuit are not clear at this point, according to a report in the Times of India.
Both the Bengaluru-based IT major and its former CFO have presented their arguments in the legal matter, and the next hearing is scheduled for January 3. During the forthcoming hearing, the court will make a decision on whether the dispute should proceed to arbitration, which provides an alternative avenue for resolving conflicts, offering a more streamlined and private process compared to traditional court proceedings.
Moneycontrol couldn't independently verify the report.
Wipro in September announced the resignation of Dalal as CFO in a regulatory filing. The company also stated that Aparna Iyer has been appointed as the new CFO. Iyer will report to CEO Thierry Delaporte and will join the Wipro executive board.
Dalal, who has been with Wipro for 21 years and served as the CFO since 2015, was relieved from the services of the company with effect from November 30.
Also read | Wipro files complaint against former senior executive for violating non-compete clause: Report
In September, IT services firm Cognizant Technology appointed Dalal as the CFO. He will succeed Jan Siegmund, who plans to retire in early 2024. Following Dalal's assumption of the CFO role, Siegmund will continue to support an orderly transition by remaining with the company as a non-executive officer and special advisor.
In his new role Dalal will report to the company's CEO, S Ravi Kumar. His responsibilities will include overseeing various financial functions globally, such as financial planning and analysis, accounting and controllership, tax, treasury, internal audit, corporate development, investor relations, and enterprise risk management.
Also Read: Wipro taking 'necessary precautions' to safeguard employees amid rising Covid cases
Separately, the Indian IT behemoth has formally filed a complaint against its erstwhile senior executive, Mohd Haque, accusing him of violating a non-compete clause embedded within his employment contract.
Haque, who previously held the position of Senior Vice President (SVP) and headed healthcare and medical devices for the Americas at Wipro, departed to assume the role of Senior Vice President and Business Unit Head for life sciences at Cognizant.
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