Companies & Sectors
Wipro 'sacks' hundreds of techies for non-performance
Bengaluru, Global software major Wipro "sacked" at least 600-700 employees in fiscal 2016-17, ostensibly for non-performance or not rising to its expectations, said a company source on Thursday.
 
"Attrition takes place every quarter when employees leave voluntarily for various reasons or involuntarily when asked to go for non-performance or not measuring up to the expectations during appraisal," a Wipro source told IANS on condition of anonymity.
 
The source, however, declined to specify the number of techies "sacked" in the fourth quarter (January-March) of the just-concluded fiscal (FY 2017), as the company was in "silent period" ahead of its results on April 25.
 
Asked how many employees left involuntarily in the quarter (Q4) or during the fiscal under review, a Wipro spokesperson said the company made a performance appraisal regularly to align its workforce with its business objectives, strategic priorities and requirements of its global clients.
 
"Our performance evaluation triggers actions such as mentoring, retraining and up-skilling. The appraisal also leads to the separation of some employees from the company and their numbers vary from year to year," the spokesperson said in a statement here later.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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NDTV to sell certain strategic assets
New Delhi Television Ltd (NDTV) is planning to sale certain strategic assets of its subsidiaries, the company says in a regulatory filing. 
 
In the regulatory filing, the company says, "NDTV has informed the Exchange that as per the Company's Code of Conduct for Prevention of Insider Trading, the trading window for dealing in the securities of the Company will remain closed from 17 April 2017 till the conclusion of 48 hours from the date of Board meeting of the Company that is being convened to consider, inter alia, potential sale of certain strategic assets by certain material subsidiary (ies) of the Company."
 
Last week, the TV channel informed the Exchanges that it had filed a special leave petition before the Supreme Court, against an order passed by Delhi High Court. It says the apex court had directed the High Court to dispose the matter related with Income Tax Department within 10 days from 10 April 2017.
 
In March, the Delhi High Court has vacated a stay granted by the Income Tax Appellate Tribunal (ITAT) on the Rs525 crore penalty on NDTV saying that the Tribunal does not have any powers in this matter. The Delhi High Court was hearing the case (W.P.(C)­1327/2017) related with a stay granted by the ITAT on 15 September 2016. In its order, the ITAT had directed Income Tax (I-T) Department not to pass any order for the proposed penalty of Rs525 crore against NDTV till final disposal of the main appeal pending before the Tribunal. 
 
NDTV closed Monday marginally higher at Rs72.15 on the BSE, while the 30-scrip Sensex ended marginally down at 29,413.
 

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SC wants Sahara's Aamby Valley property auctioned
New Delhi, The Supreme Court on Monday asked the official liquidator of the Bombay High Court to auction the Aamby Valley property of the Sahara group to recover the money it has to pay to market regulator SEBI to be returned to investors.
 
Directing Subrata Roy Sahara to be personally present in the court on April 27, Justice Dipak Misra, Justice Ranjan Gogoi and Justice A.K. Sikri demanded to know why the money had not been paid so far.
 
The top court had in 2012 asked Sahara to return the investors' money that Sahara India Real Estate Corp Ltd and Sahara Housing Investment Corp Ltd had raised in 2008 and 2009. 
 
Asking Roy to be present in the court on April 27, the bench said: "Now we are tired. We have heard a lot."
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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