Indiabulls Layoffs Nearly 2,000 Employees

Financial & Real sector business company, Indiabulls Layoffs Nearly 2,000 Employees. The Diversified financial services group has asked nearly 2,000 employees to resign from the company. As per the statement of the company, it was the part of the annual attrition cycle and claimed these were not lay-offs but employees claimed that they were fired for no reasons and they were not being allowed to serve the three-month notice period.

“The company typically sees an attrition of 10-15 per cent of its workforce every year during April-May in the normal course of business. This year we waited till we got clarity from the Supreme Court and MHA. There are no layoffs other than in the normal course of business due to attrition and as per the performance trend of the entire year and not just a couple of months,” Indiabulls Group said in a statement.

Indiabulls has employed more than 26,000 people in FY2019-20 itself, it added more than 7,000 new members in FY 2019-2. Recently, employees of the group’s housing finance arm Indiabulls Housing Finance claimed that they were asked to resign from the company by their reporting manager on May 15, 2020, with their last working day as May 31, 2020.

Employees claimed that their appointment letter mentions a notice period of three months from both parties. We had requested them to let us serve the notice period so that we can look for a new job but the company claimed that  the notice period will vary as per the contract of employees. 

“I am currently in Noida and the company has transferred to the southern part of the country. They want me to report to duty from the new location from May 25, 2020. How am I supposed to reach there?? said another employee who shared the transfer order issued to her by the company on May 20, 2020.

Read – HP & IBM Lay-off Thousands of Employees Globally


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