DBT Bureau
Bengaluru, 14 May
Nasdaq-listed IT major Cognizant has warned its employees that they could lose their jobs if they don’t operate from offices as part of its ‘return to office’ policy.
According to a report in the LiveMint newspaper, Cognizant has asked its employees, who have not returned to offices despite repeated warnings, to comply with the rules or risk losing their jobs.
“Please note that failure to adhere to the directions will amount to serious misconduct as per company policies and accordingly appropriate disciplinary action will be initiated against you which may lead up to termination,” said the letter to an employee, the report said.
Cognizant had earlier told its employees to work from offices for at least three days a week or as per the manager’s decision.
According to the company’s annual report, around 254,000 of Cognizant’s 347,700-strong employee base operate out of India.
Like Cognizant, its large peers including TCS, Infosys, Wipro, and many mid-tier firms have made return to office norms mandatory since last year. While companies like Infosys and Wipro have asked their staffers to operate at least three days a week, TCS has made it mandatory to work for all five working days.
Warburg acquires Shriram Housing Finance for Rs 4,630 crore
New York-based private equity firm Warburg Pincus will acquire Shriram Housing Finance Ltd (SHFL) in a deal valued at Rs 4,630 crore through a mix of equity and convertible instruments.
With this deal, this becomes one of the largest private equity deals in the housing finance space.
Warburg Pincus will acquire the stake through its affiliate Mango Crest Investment Ltd. At present Shriram Finance Ltd holds a controlling stake in SHFL while private equity firm Valiant Partners L.P. (Valiant), Mauritius, holds the remaining ownership.
