This week saw the continued wrath of labour battles in two major multi-national companies in India, topped by Bank of India announcing a two-day strike yesterday. The Toyota workers refused to sign a good-conduct pledge and stayed away from work starting this week, while gradually by the mid of the week, it was reported that it resumed limited functions through support from non-unionised employees. Some respite came yesterday, as the workers agreed to some discussions on the wage dispute. On the other hand, Nokia employees decided to go on a one-day hunger strike next week in demanding job security.
The Bank of India announced a two-day strike starting yesterday, across all branches. With all this strife already going on, staff at Ford India plant near Chennai also protested against an incentive-cut that was earlier promised by the company. Another major news came from Jet Airways as another CEO resigned after a short stint. The acting CEO and CFO Ravishankar Gopalakrishnan resigned mid of this week, following suit of his predecessor Garry Kenneth Toomey who had also resigned within six months of his service. Marico also faced a challenging situation as the MD Harsh Mariwala stepped down and at the same time Milind Sarwate, the CFO also resigned.
The Monster Employment Index India reported an increase of 14% year-on year showing an upwards trend in most industries while a downwards trend in the automotive industry. This week was also marked by some significant appointments. Ingersoll Rand appointed Madhusudan Rao as its Chief Financial Officer and India Controller and Manish Kashyap was named the Regional MD of the international real estate consultancy CBRE group, Asia Pacific region. Uninor appointed Vivek Anand as its CFO and Marico announced Sugata Gupta as their MD and CEO.