The company was absent from the first round of discussion that was scheduled on April 28. In the next meeting, representatives from the ministry and Infosys are expected to be present along with the union that filed the complaint seeking removal of the agreement from offer letters.
While these provisions are not new and are common among companies, they have gained prominence against the backdrop of increased attrition. Infosys reported 27.7 percent attrition for the quarter ended March 31, 2022.
This comes in the backdrop of IT major’s Q4 earnings that showed the attrition continues to spike amid a robust demand environment. The company hired 85,000 freshers in the year ended March 31, 2022, while the attrition stood at 27.7 percent.
The minority shareholders including KKR, Goldman Sach and Kotak, which has over 25 percent stake in the company, has given a green signal to pay the non-compete fee.
Zee Entertainment‘s deal for sale of Ten Sports to Sony comprises a non-compete clause which restricts Zee from entering the sports business for up to 4 years, says Chief Executive Officer Punit Goenka in an interview to CNBC-TV18.