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Former IndusInd CFO Gobind Jain Moves Bombay HC, Seeks ₹70 Crore for Alleged Wrongful Dismissal

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Former IndusInd Bank Chief Financial Officer Gobind Jain has approached the Bombay High Court with a ₹70-crore lawsuit against the lender, accusing it of wrongful termination and demanding compensation. As per the petition, Jain has sought ₹20 crore towards loss of income, while the remaining ₹50 crore has been claimed for reputational damage, missed career opportunities, and mental distress. The Reserve Bank of India has also been named as a respondent in the matter. Jain is being represented by Wadia Ghandy, while IndusInd Bank has appointed Cyril Amarchand Mangaldas as legal counsel. The RBI is being represented by BLAC & Co. The plea reportedly requests the court to direct the bank to deposit ₹20 crore as an interim safeguard, arguing that any eventual relief should remain meaningful and enforceable. In the filing, Jain has outlined a series of events preceding his exit, including four resignation letters starting in April 2024. He alleged that he repeatedly urged former MD & CEO Sumant Kathpalia to appoint an independent external auditor to probe alleged procedural and accounting irregularities. According to the petition, Jain’s first resignation communication was sent on June 11, 2024, months before the bank disclosed accounting issues to stock exchanges. Additional letters were submitted on August 20 and September 29, 2024, with the latter again pressing for an external review into alleged serious lapses in treasury-related procedures. Source: Economic Times  

Former IndusInd CFO Gobind Jain Moves Bombay HC, Seeks ₹70 Crore for Alleged Wrongful Dismissal Read More »

Cognizant Announces Major Restructuring Plan; Job Cuts Possible Amid AI-Driven Shift

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Cognizant has unveiled a global restructuring initiative named Project Leap, signaling potential job reductions as the company reshapes its business model for the AI era. The programme is expected to cost between $230 million and $320 million, with the bulk of expenses to be booked in 2026. Out of this, $200 million to $270 million has been earmarked for employee severance, raising concerns over possible layoffs across multiple regions, including India, where the company employs a significant portion of its workforce. While Cognizant has not disclosed the number of employees likely to be impacted, industry estimates suggest the cuts could run into thousands over the next several months. During the company’s earnings call, CFO Jatin Dalal said the programme would affect various parts of the organization globally, but declined to specify exact figures. He noted that the restructuring is aimed at preparing Cognizant for its future operating model. The move reflects a broader transformation underway in the IT services sector, where companies are increasingly redirecting investments toward artificial intelligence, cybersecurity, cloud, and data services, while reducing dependence on legacy roles. Similar trends have been seen across the industry, including workforce reductions at peers like TCS. For the March quarter, Cognizant reported revenue of $5.4 billion, marking a 5.8% year-on-year increase in dollar terms. The company has projected full-year 2026 revenue between $22 billion and $22.6 billion, and also raised its operating margin guidance to 16%-16.2%. Management said Project Leap is expected to further boost profitability through improved efficiencies. Despite the restructuring, Cognizant continues to expand selective hiring. Its total workforce has risen to approximately 350,000 employees, after adding 21,300 workers year-on-year. The company also plans to hire over 20,000 graduates in 2026, matching last year’s intake. CEO Ravi Kumar said the future of the industry lies in moving beyond a traditional people-based services model toward platform-led, outcome-driven business models powered by AI. He added that companies willing to own operational outcomes for clients would benefit from the next phase of growth. In a parallel strategic move, Cognizant is acquiring Astreya, an AI infrastructure and data centre services firm, in a deal worth around $600 million. The acquisition is aimed at strengthening Cognizant’s capabilities in the fast-growing AI infrastructure space, as global spending on data centres and hyperscaler capacity accelerates rapidly. Source: Economic Times  

Cognizant Announces Major Restructuring Plan; Job Cuts Possible Amid AI-Driven Shift Read More »

India Inc Rolls Out WFH, Flexible Hours and Safety Measures Amid Rising Heatwave

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With severe heatwave conditions sweeping across India, companies are reshaping workplace policies to protect employees and maintain productivity. Businesses across sectors are introducing work-from-home options, shorter office hours, hydration support, and safety measures for staff working indoors and outdoors. Firms such as Mercedes-Benz, NoBroker.com, and Savills India have allowed remote work where possible, while logistics and delivery companies are focusing on frontline worker welfare. Blinkit, operated by Eternal Group, is installing air coolers, fans, benches, and water dispensers at dark stores, while also distributing over 1.5 lakh glucose sachets daily to delivery partners. According to staffing firm CIEL HR, many companies are combining hybrid work models with reduced office timings. Businesses in retail, staffing, and logistics are also increasing workforce deployment and expanding dark store networks to shorten travel distances for delivery staff. The India Meteorological Department (IMD) has warned that heatwave conditions are likely to continue between April and June, with above-normal temperatures expected in many regions. Mercedes-Benz India said it is promoting remote work wherever feasible and offering cold beverages in cafeterias to help employees stay hydrated. Construction firm KEC has restricted outdoor work between 11 am and 3 pm at most sites and is supplying cold water, buttermilk, ORS, and glucose drinks, along with temperature monitoring using thermal guns. Myntra has upgraded office cooling systems with smart thermal sensors and introduced hydration options such as buttermilk, coconut water, and lime drinks. Savills India has launched employee awareness campaigns on heat-related illnesses and wellness while continuing flexible work arrangements. NoBroker.com has reduced outdoor work schedules during peak heat hours for field employees and introduced additional cooling refreshments and travel flexibility for office staff. Source: Economic Times

India Inc Rolls Out WFH, Flexible Hours and Safety Measures Amid Rising Heatwave Read More »

Infosys to Recruit 20,000 Freshers in FY27 as Profit Jumps Over 20% in Q4 FY26

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India’s IT giant Infosys has announced plans to hire around 20,000 fresh graduates in the financial year 2026–27, even as it reported strong financial performance for the March quarter. The Bengaluru-based firm posted a 20.8% year-on-year rise in consolidated net profit, reaching ₹8,501 crore in Q4 FY26, compared to ₹7,033 crore in the same quarter last year. Revenue from operations also grew by 13.4% to ₹46,402 crore, up from ₹40,925 crore in Q4 FY25. For the full financial year 2025–26, Infosys reported a net profit of ₹29,440 crore, marking a 10.2% increase from ₹26,713 crore in the previous fiscal. Annual revenue rose 9.6% to ₹1,78,650 crore, reflecting steady business momentum despite global uncertainties. The company has projected a modest revenue growth of 1.5% to 3.5% in constant currency terms for FY27, indicating a cautious outlook amid evolving market conditions. Commenting on the performance, CEO and MD Salil Parekh highlighted strong deal wins worth $14.9 billion during the year, driven by growing demand for enterprise AI solutions and large-scale digital transformation projects. He noted that Infosys’ AI-focused strategy—spanning six key areas—is gaining traction, supported by robust ecosystem partnerships. Chief Financial Officer Jayesh Sanghrajka confirmed that the company plans to onboard 20,000 freshers in FY27, signaling continued investment in talent despite a measured growth forecast. As of the end of Q4 FY26, Infosys had a total workforce of 3,28,594 employees. Source: PTI

Infosys to Recruit 20,000 Freshers in FY27 as Profit Jumps Over 20% in Q4 FY26 Read More »

Radisson Hotel Group Targets 500 Properties in India, Projects Up to 80,000 Jobs by 2030

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Radisson Hotel Group has outlined an ambitious expansion strategy for India, projecting the creation of approximately 65,000–80,000 job opportunities as it aims to establish 500 properties across the country by 2030. Elie Younes, Executive Vice President and Global Chief Development Officer, described India as one of the group’s top three global markets. He noted that the planned growth—covering both operational and under-construction hotels—will not only expand the brand’s footprint but also open up significant employment and skill development opportunities. To support this growth, the hospitality major is investing in talent development through initiatives such as its Radisson Academy, alongside collaborations with the Tourism and Hospitality Skill Council, JobPlus, universities, and government bodies. The focus, Younes emphasized, is on building long-term careers while promoting local hiring. Currently operating over 200 properties in India, the group plans to drive expansion primarily through its upscale segment, with a strong presence across tier I, II, III, and IV cities, as well as resorts and spiritual destinations. Only about 15% of the planned portfolio will be five-star hotels, while nearly half will fall within the three- and four-star upscale categories, reflecting stronger investment viability in emerging markets. Geographically, around 55% of upcoming projects are expected in tier I cities, followed by 25% in tier II and III locations, with the remaining split between resorts and spiritual hubs. Addressing global uncertainties, Younes said operations in India remain stable despite the ongoing West Asia conflict, with cautious optimism for continued growth provided the situation does not escalate further. While some Gulf markets such as Dubai and Saudi Arabia have seen temporary dips in hotel occupancy, he expressed confidence in their recovery once conditions stabilize. The group also highlighted its preference for brownfield developments, citing faster market entry due to existing infrastructure, though greenfield projects remain attractive for their design flexibility. Source: PTI

Radisson Hotel Group Targets 500 Properties in India, Projects Up to 80,000 Jobs by 2030 Read More »

Wipro Sees Attrition Ease to 13.8% as Hiring Slows Amid Uncertain Demand

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Wipro reported a modest improvement in employee retention, with attrition declining to 13.8% in the fourth quarter from 14.2% previously. However, hiring momentum remained subdued, as the company added just 136 employees between January and March, taking its total workforce to 242,156. This comes after a significantly stronger December quarter, during which the company onboarded over 6,500 employees. Wipro stated that its hiring strategy is now more tightly aligned with project demand, reflecting a cautious approach in a volatile business environment. The company had earlier revised its fresher hiring target for FY26 downward to 7,500–8,500 from the initially planned 10,000. It ultimately hired 7,500 fresh graduates during the year but refrained from offering hiring guidance for FY27, citing ongoing uncertainty. Meanwhile, rival Tata Consultancy Services (TCS) reported a notable decline in its overall workforce for FY26, ending the March quarter with 584,519 employees—a reduction of over 23,000 compared to the previous year. Despite a slight increase in attrition, TCS added more than 2,000 employees sequentially and indicated that its restructuring phase has concluded. The company also signaled plans to ramp up campus hiring going forward. On the financial front, Wipro posted a 1.6% drop in annual revenue in constant currency terms for FY26, mirroring broader industry trends impacted by geopolitical tensions, slower deal ramp-ups, and disruptions driven by artificial intelligence adoption. The company’s total revenue stood at $10.48 billion for the fiscal year ending March 31. For the fourth quarter, Wipro reported revenue of ₹24,236 crore, marking a 7.7% year-on-year increase and a 2.9% sequential rise. Net profit declined marginally by 1.9% compared to the same period last year to ₹3,502 crore, though it registered a 12.2% increase on a quarter-on-quarter basis. TCS also reported its first annual revenue decline since listing, with a 2.4% drop in constant currency, attributing the slowdown partly to AI-led shifts in the industry. While ongoing tensions in West Asia have not yet materially impacted revenues, companies remain cautious and are factoring in potential risks if the situation persists. Source: Economic Times

Wipro Sees Attrition Ease to 13.8% as Hiring Slows Amid Uncertain Demand Read More »

Nvidia Grants Stock Bonuses to India Staff, Payouts Reach Up to ₹1 Crore

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Nvidia has rewarded a large section of its nearly 10,000 employees in India with a one-time stock grant, with payouts ranging from over ₹5 lakh to as high as ₹1 crore over the vesting period, according to data from 6figr. The special reward, known as the “Jensen Special Grant,” was introduced in 2024 by CEO Jensen Huang. It offers employees an additional 25% of their initial restricted stock units (RSUs), reinforcing Nvidia’s push to retain top talent in the competitive AI and semiconductor space. How the Grant Works The stock grant is structured to vest over four years, beginning September 18, 2024, with 6.25% released initially, followed by quarterly installments through 2028. The valuation was calculated using an average Nvidia share price of $898.2, with conversions based on an exchange rate of ₹82.9 per dollar. In one example, a mid-level employee received eight additional RSUs worth approximately ₹5.3 lakh, on top of an annual equity grant valued at around ₹21.5 lakh. The employee’s total unvested equity reportedly exceeded ₹1.2 crore, highlighting how stock incentives are becoming central to compensation. Equity Driving Wealth Creation India is witnessing a surge in equity-driven wealth creation, particularly in global AI and semiconductor firms. At Nvidia India, stock-based compensation now makes up 50% to 75% of total pay, especially for mid- and senior-level roles. Highly skilled engineers—particularly in chip design and artificial intelligence—are seeing the biggest gains. Top professionals in these domains can earn between ₹2 crore and ₹3 crore annually, with senior engineers (IC6 level) averaging around ₹1.8 crore. Industry experts say this marks a shift in compensation strategy. Equity is increasingly replacing fixed salaries, aligning employees more closely with company growth and long-term value creation. Pay Trends Across Experience Levels Entry-level (IC1, 0–3 years): ₹10–22 lakh Early to mid-level (IC2, 1–8 years): ₹23–32 lakh Mid-level (IC3, 4–8 years): ₹27–51 lakh (top performers up to ₹85 lakh) Experts, including leaders from KPMG, note that in deep-tech sectors, the gap between average and exceptional talent is widening—making equity not just a retention tool, but a primary driver of wealth. While Nvidia has not officially commented on individual compensation details, the trend reflects a broader shift in the AI economy, where employees are increasingly becoming stakeholders in the companies they help build. Source: TNN

Nvidia Grants Stock Bonuses to India Staff, Payouts Reach Up to ₹1 Crore Read More »

Tata Sons Chairman Urges Air India Staff to Tighten Costs and Elevate Service Standards

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In a candid address to employees, Natarajan Chandrasekaran, Chairman of Tata Sons, called on the workforce of Air India to prioritise cost efficiency, enhance service quality, and remain grounded amid ongoing industry challenges. Speaking at a town hall held at the airline’s headquarters in Gurugram, Chandrasekaran acknowledged that while Air India has built a strong foundation for future growth, the aviation sector is currently navigating a difficult phase. He emphasised that despite a promising outlook, the present situation demands disciplined execution and a sharp focus on controllable factors. Reaffirming the group’s unwavering support, he stated that the Air India Board remains fully committed to the airline and will continue to collaborate closely with its leadership team. He urged employees to concentrate on improving operational efficiency, managing costs with precision, and maintaining a realistic perspective on the challenges ahead. The address comes shortly after the resignation of Campbell Wilson, who stepped down on April 7, well before completing his five-year term that was scheduled to run until July next year. His exit has added to the transitional phase the airline is currently undergoing. Despite these developments, Chandrasekaran praised Air India employees for their resilience, noting that they have demonstrated remarkable tenacity in navigating a “perfect storm” of challenges. He encouraged the team to continue with the same determination as the airline works towards stabilisation and long-term growth. Source: PTI

Tata Sons Chairman Urges Air India Staff to Tighten Costs and Elevate Service Standards Read More »

Voluntary Retirement a Statutory Right, Not Just Exit from Service: Supreme Court

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The Supreme Court of India has clarified that voluntary retirement is not simply a resignation or discontinuation of service, but a distinct legal right available to employees upon completing the required years of service. A bench comprising Justices J. K. Maheshwari and Vijay Bishnoi delivered the ruling while deciding appeals filed by a bank against two 2019 orders of the Chhattisgarh High Court. The High Court had earlier directed that a bank employee be treated as voluntarily retired after completion of the mandatory three-month notice period and be granted all terminal benefits. Upholding this view, the apex court observed that once an employee fulfills the eligibility criteria—such as completing 20 years of qualifying service—and submits a valid notice, the retirement becomes effective unless explicitly refused within the stipulated period. The case involved an employee who joined the bank in 1983 and later served as a branch manager in Raipur. After submitting a notice for voluntary retirement in October 2010, he ceased attending work in May 2011, following the lapse of the notice period. However, the bank issued a chargesheet months later in connection with alleged irregular transactions. The court noted that the bank failed to formally reject the retirement request within the notice period. It emphasized that merely issuing a show-cause notice does not amount to initiating disciplinary proceedings or rejecting voluntary retirement under service regulations. Highlighting the legal position, the bench stated that if no refusal is communicated within the notice period, the voluntary retirement takes effect automatically by operation of law. Consequently, any subsequent disciplinary action, including dismissal, would not be legally sustainable. The court concluded that the employee was entitled to all post-retirement benefits, affirming the High Court’s decision and reinforcing the principle that voluntary retirement is a protected right under service rules. Source: PTI

Voluntary Retirement a Statutory Right, Not Just Exit from Service: Supreme Court Read More »

AI Era Sparks ‘Great Flattening’: McKinsey Calls for Leaner, Faster Organizational Structures

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A new leadership perspective emerging from McKinsey & Company suggests that the age of artificial intelligence may fundamentally reshape how organizations are structured—starting with eliminating excess management layers. According to insights highlighted in a report by Business Insider, companies are increasingly exploring how AI-powered systems and agents can streamline operations by reducing hierarchical complexity. The idea is simple: fewer layers, faster decisions. Speaking on The McKinsey Podcast, senior partner Alexis Krivkovich emphasized that AI is equipping leaders with what she described as a “superhuman capacity” to oversee broader responsibilities. This enhanced capability could allow organizations to flatten traditional structures and operate with greater speed and efficiency. Over the past decade, many companies have added one or more layers between top leadership and frontline employees—sometimes up to three. While intended to improve oversight, these additional tiers have often led to slower decision-making and increased operational costs. AI, however, is now being positioned as a solution that can simplify coordination, automate routine functions, and improve real-time decision support across departments like HR, finance, and legal. This structural shift is being widely referred to as the “Great Flattening,” reflecting a move toward more agile, horizontally aligned organizations. Industry leaders are already echoing this sentiment. At IBM, senior executive Mohamed Ali noted that businesses will need entirely new systems to manage AI tools alongside human workers, including frameworks for governance and oversight. Meanwhile, Eno Reyes of Factory highlighted that traditional org charts are likely to evolve into flatter, more collaborative structures as AI becomes deeply embedded in workflows. As AI adoption accelerates, organizations worldwide may soon find that success depends not just on technology—but on how effectively they redesign themselves around it. Source: TOI

AI Era Sparks ‘Great Flattening’: McKinsey Calls for Leaner, Faster Organizational Structures Read More »