Indiabulls Group Asks Nearly 2,000 Employees To Resign, Says It’s Part Of Annual Attrition Cycle
Indiabulls Finance Centre, developed by Indiabulls Real Estate Ltd., stands in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg) 

Indiabulls Group Asks Nearly 2,000 Employees To Resign, Says It’s Part Of Annual Attrition Cycle


Diversified financial services group Indiabulls Group has asked nearly 2,000 employees to resign from the company.

The Group, however, said this was part of the annual attrition cycle and claimed these were not layoffs.

“The company typically sees an attrition of 10-15 percent 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.

The group did not disclose any specific numbers.

The group employs more than 26,000 people and in FY20 it added more than 7,000 new members, the statement said.

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.

A few employees of the mortgage lender told PTI that they were not being allowed to serve the three-month notice period.

"Our 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," an employee told PTI.

The company's spokesperson, however, said the notice period will vary as per the contract of employees.

Some employees of the company have claimed that they received a transfer order as they have not submitted their resignation.

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"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 them by the company on May 20, 2020 with PTI.

The spokesperson said the company is continuously having a dialogue on the issue with the employees.

Many employees also took to a microblogging site Twitter to vent their discontent over the drastic step taken by the company.

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