DBT Bureau
Bengaluru, 3 June
The IT Employees’ Union, National Information Technology Employees Senate (NITES) has filed a plaint against Indian IT firm, Infosys with the Ministry of Labour and Employment for allegedly delaying the onboarding of about 2,000 freshers for over two years, The Times of India reported on Monday.
According to the union, such undue delay has caused mental suffering for the campus hires, who have refused offers of other companies in order to join Infosys.
In a letter to the Ministry, the employees’ union has sought compensation for the affected employees in the form of full salary payment, employee assistance programme, along with alternative opportunities within the company, the report said.
Many IT firms are yet to absorb all freshers to whom they have released offer letters in the last two years as the demand for workforce comes down owing to slowdown blues.
IPO-bound Ola Electric may fire several employees: Report
IPO-bound Ola Electric may fire around 400-500 employees in the coming weeks as the company is trying to reduce its operating costs, the Economic Times reported.
In April, Ola Cabs- the ride-hailing app of Ola Group- laid off around 200 employees. Its CEO and CFO also exited the company during that time.
Ola Electric, the maker of two-wheeler EV bikes, is planning to go public in the coming quarters. Its IPO application is pending for approval from the market regulator, SEBI.
Crypto exchange Binance stops cash payment for some trades
Global cryptocurrency exchange, Binance has stopped cash payment for executing P2P (peer to peer) trades by Indian traders, the Economic Times reported.
Earlier, traders could use the ‘escrow service’ offered by the offshore exchanges to execute a buy or sell order on the exchange and close that transaction by paying in rupees in India. Traders even could close the trade by depositing cash in a bank account or physical delivery of cash.
Such facility has been discontinued now, the report said adding that these initiatives could be interpreted as Binance’s efforts to be more compliant with local laws in India.
