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CEO fires over 900 employees over Zoom call

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CEO fires over 900 employees over Zoom call

According to a CNN report, more than 900 employees of the mortgage lender Better.com were fired by the chief executive officer (CEO) at the Zoom webinar. The webinar was held on Wednesday and CEO Vishal Garg informed the company that 9% of employees are being laid off.

“If you are on this call, you are part of an unfortunate group that has been fired,” CNN quoted the recording of the call as saying.

The company’s chief financial officer (CFO) Kevin Ryan later told CNN in a statement that the “distressing” decision was made to allow a dedicated workforce to enter the “rapidly growing” home ownership market.

However, “Fortune” magazine reported that Gag accused these employees of inefficiency and “stealing” from colleagues and customers.

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In a brief and emotional Zoom call, the CEO of the New York-based company stated that this is the second time he has made such a decision.

Many business leaders call unemployment during the coronavirus disease (Covid-19) pandemic “catastrophic.” In the United States, temporary layoffs are considered to be the main reason for the unemployment rate as high as 14.7% in April last year. The Harvard Business Review (HBR) believes that Covid-19 has caused “profound and lasting” damage to the job market. It says that managers not only have to deal with the pressure and grief of having to fire a large number of employees, but many of them are also concerned about their own problems. The position feels latent anxiety.

It cited expert reports that management must show compassion when layoffs and absorb as much emotion as possible.

News Source : Hindustan Times

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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

Following US SEC charges of bribery against Gautam Adani, opposition parties criticise PM Narendra Modi and call for a JPC investigation.

As billionaire Gautam Adani faces charges in the US for alleged bribery and fraud, the Opposition on Thursday intensified its attack on the Centre over its alleged links with the Adani Group.

Gautam Adani has been charged in the US with allegedly paying $250 million in bribes to Indian officials between 2020 and 2024 to secure favourable terms for solar energy contracts. The scheme, prosecutors said, could have earned Adani’s group over $25 billion in profits.

Congress demands JPC probe

Reacting to the charges, the Congress called for a Joint Parliamentary Committee (JPC) probe into alleged scams involving Adani’s conglomerate. The party also demanded the appointment of a “new and credible” Sebi chief to investigate Adani’s financial dealings and compliance with securities laws.

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ALSO READ- At 65.2%, Maharashtra records highest voter turnout since 1995 assembly election

Congress leader Jairam Ramesh said the US Securities and Exchange Commission’s (SEC) actions highlight the failure of Indian institutions to investigate the group. “The indictment vindicates Congress’s demand since January 2023 for a JPC into the Modani scams,” Ramesh wrote on X.

He accused Prime Minister Narendra Modi of shielding Adani and claimed Congress’s “Hum Adani Ke Hain Kaun” (HAHK) series had exposed the businessman’s alleged fraud and his ties with the PM.

The fact that it has taken a foreign jurisdiction to properly investigate Adani only shows how Indian institutions have been captured by the BJP, and how decades of institutional development have been undone by greedy and power hungry leaders, the Congress leader said in another post.

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“All of this is consistent with a long record of fraud and criminality carried out with impunity with the obvious protection of the Prime Minister,” Ramesh charged.

Other Oppn leaders join attack

Other opposition leaders joined the attack. Trinamool Congress MP Saket Gokhale questioned the BJP’s involvement in Adani’s dealings and demanded an independent judicial probe.

Aam Aadmi Party leader Sanjay Singh accused PM Modi of allowing Adani to tarnish India’s global reputation.

ALSO READ- Adani Group shares plunge after US SEC charges, Adani Green down 16%

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Adani stocks latest updates

The allegations rattled markets, with Adani Group stocks plunging. Adani Enterprises fell 20 per cent in pre-open trade, while shares of Adani Ports, Adani Green, Adani Power, and others dropped between 7 per cent and 18 per cent.

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