The big news of the week was a penalty of $34 million levied on Infosys Ltd, India’s second largest software exporter, by the US government. Infosys has agreed to pay the amount to settle the US government’s claim that it violated the country’s visa laws — making it the largest immigration fine ever imposed on an offshore firm, Mint reported. On Tuesday, the Wall Street Journal had reported that Infosys would be fined $35 million in this case. The US government had accused Infosys of “knowingly and unlawfully” using short-terms visas—or B-1 visas—to fill positions that required long-term or H1B visa holders, to gain a competitive advantage. H1B visas currently cost up to $4,300 each, while B-1 visas cost $200.
According to an Economic Times report, SpiceJet on Thursday appointed Sanjiv Kapoor, a former leader of the airline practice at Bain & Co and director at Temasek Holdings, to head the budget airline at a time when it’s on the lookout for a strategic investor and ways to shore up its finances. Also, FMCG giant Hindustan Unilever (HUL) said on Thursday that its shareholders have approved the appointment of Sanjiv Mehta as its managing director and chief executive for a period of five years. The decision was arrived at via postal ballot.
In another development, former CEO of the National Spot Exchange Ltd (NSEL) Anjani Sinha has been sent to judicial custody in connection with the ongoing payment scam at the company. He has been charged with cheating, forgery, breach of trust and criminal conspiracy and other offences under the Indian Penal Code.
The week has been buzzing with news from campuses. Unlike in earlier years, when companies were doing mass recruitment from campuses, more of IT companies are seen as slowly moving towards off-campus hiring, an ET report said. It quoted Anand Talwar, senior vice-president (Sr VP), talent management, at ITC Infotech as saying, “We use both the campus and off-campus strategy. However, the share of off-campus has gone up from around 10 per cent in our initial years to almost 40 per cent of our total fresher hiring.”
Jamnalal Bajaj Institute of Management Studies (JBIMS) concluded its summer placements for the first year students of MMS course (2013-2015) with an average domestic stipend of Rs 97,000 and highest stipend of Rs 2 lakhs.
When it comes to recruitment companies are keeping campus hiring high on their agenda. Telecom company Vodafone India will increase the number of trainees to 90 for 2014 from 60 in 2013. The company is stepping up its campus recruitment plans with greater focus on succession planning and creating a leadership pipeline, says an ET report. Of these, 65 will be management trainees, 20 technology trainees, and five in departments such as finance and marketing.
However, a survey conducted byFirstnaukri.com hints that despite this buzz next year might not be very bright when it comes to hiring activities. According to the survey, 73 per cent recruiters have said that the number of students to be hired through campus placements would be lower in 2014. The survey also found that 44 per cent of the recruiters looking to hire engineering students have indicated a drop in campus hiring in 2014.
According to a Financial Express report Tata Steel may cut around 500 jobs in UK as a recovering Europe does not offer any respite to the company“s business. In a statement issued on Tuesday, the company said it was looking at restructuring its long products business in the United Kingdom, which would include downsizing almost 500 people from the management and administrative functions. Also, Standard Chartered said that it has cut about 2,000 jobs across the bank in the past year and expects little change in the rest of 2013.
One major development has been regarding merger & acquisition policy. The government expects to bring a “liberal” merger & acquisitions policy shortly which will enable much needed consolidation in the telecom industry and encourage greater investments by those keen to grow in the sector, telcom minister Kapil Sibal told ET. “The merger and acquisition policy will be announced very soon, the last legs of policy framework are being finalised and once that is done you will get to know what they will be,” the report quoted Sibal as saying.