Hyderabad
Aug. 23: Mahindra Satyam has recalled around 1,000 of its associates who were sent on half-paid leave, as new orders begin trickling into the firm. The Hyderabad-based IT major expects some more recalls by the end of the six-month sabbatical.
"In the two last months, the company has recalled around 1,000 associates across the wide spectrum of specialities. This includes about 100 peoplewho have been recalled for overseas projects," a person close to the development said.
The IT major had sent 8,000 employees on a six-month sabbatical or "virtual pool programme" from June 2009. The programme allows employees to take time-off from work on reduced pay for six months. It covered associates who were not been in billable roles for three months or more and included support resources.
Employees who were currently under sabbatical, were getting their basic pay (40 per cent of the gross salary), in addition to provident fund and medical insurance.
By the time the programme ends in December, the company expects to recall another 1,500 employees. "We are recalling four to six employees every week. By the end of this programme, the company might end up in recalling 2,500 employees," the person said.
The rest of the 5,500-odd employees, who have not been recalled by December, will remain on the rolls of the company, they would be given indefinite leave without pay.
Insiders said that the number of employees affected by this would be far less as some of them might have got jobs elsewhere.
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SFIO seeks more time for report
New Delhi, Aug. 23: The Serious Fraud Investigation Office (SFIO) will scrutinise the balance sheets of over 350 companies and 800 bank accounts to track down the money allegedly stashed abroad by the promoters of fraud-hit Satyam Computer Services.
The SFIO may seek more time to complete investigation and submit its report on the movements of funds.
The agency has been asked by the corporate affairs ministry to probe the fraud and submit its report in two months. — PTI
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