In a major development, the salaries of employees of India's largest financial conglomerates Indiabulls have been put on hold for those who have not opted for the voluntary deduction. Other employees, who have opted for a deduction in their CTC, have received their salaries.
The development comes after the Indiabulls group directed its employees to take 15-50 per cent pay cuts in their salaries. International Business Times, India got in touch with a top official of the firm who confirmed that this happened only for selected people across levels and locations, effective April 1.
Earlier, the Indiabulls group had announced that its senior management has voluntarily opted to take up to 35 per cent pay cut for the fiscal year 2020-21. The company's chairman Sameer Gehlaut has decided to forgo his salary, while vice-chairman, managing director and CEO Gagan Banga, has opted to take 75 per cent salary cut for 2020, the firm confirmed in a filing to exchanges.
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