Indiabulls staff in line of fire

MUMBAI: Indiabulls Financial Services is believed to have asked a number of employees to leave. Indiabulls employees from across the country, particularly those in Gujarat and parts of Mumbai, have been affected by the decision.

One TV channel reported late on Monday that about 2,000 employees have been asked to go. However, ET investigations reveal that the number may not be that big. There is also speculation that the company has closed some offices due to non-viability. This could not be confirmed though.

Indiabulls Financial has about 18,000 employees on its rolls. The company claims no termination letters have been issued. Most employees who quit are trainees with subsidiary Indiabulls Securities. Denying the move, Indiabulls director Gagan Banga told ET: “The company is on a fast growth path and is looking to hire more people.

So talks of sacking employees do not arise. This is appraisal time. Some staff have been promoted while some have remained at same positions. That’s all that has happened.” Mr Banga also refuted talks of shutting down offices.