Bajaj Finance takes action against senior managers named in Tarun Saxena's suicide note

Bajaj Finance stated: 'We are also extending our full support to the authorities investigating the matter.'

Bajaj Finance has put its Tarun Saxena's senior managers on administrative leave after the 42-year-old employee from Uttar Pradesh killed himself over alleged work stress and claimed in his suicide note that his seniors have for months kept him under immense pressure.

Saxena's body was discovered on Monday. He is survived by his parents, wife, and two kids. In his note, he urged his family to file a police complaint against his seniors.

"Based on allegations, we have relieved the concerned employees of their current responsibilities and placed them on administrative leave, allowing for an unbiased and thorough investigation of the matter," Bajaj Finance said in a statement to Moneycontrol. "We are also extending our full support to the authorities investigating the matter."

The company also offered "heartfelt condolences" and said it was "deeply saddened by the tragic loss". "Tarun was a loving father, son and a great friend who will be deeply missed by all who knew him. He was with our company for over 7 years and his loss is felt immensely by both us and his family... We stand in support of Tarun’s family. Our thoughts and prayers are with them," it stated.

Amid severe criticism about its work culture on social media, the Pune-based financial company said it has well-established policies of code of conduct that govern behaviour and conduct at the workplace and that any deviation calls for strict disciplinary action. "Our people practices are designed to create a culture of fairness, dignity, and respect. We're committed to fostering a workplace environment that values and supports the well-being of our employees," it stated.

'I have not slept for 45 days'

In his five-page suicide note addressed to his wife, the Bajaj Finance area manager -- who had to collect EMIs of Bajaj Finance loans from his area -- said that he was under immense stress because he could not meet targets despite trying his best. Saxena said that the work pressure had been unbearable for two months and that he had been unable to sleep for 45 days. He was worried he might lose his job. In the letter, he also revealed that he faced constant humiliation from his seniors.

"I have not slept for 45 days. I have hardly eaten. I am under a lot of stress. Senior managers are pressuring me to meet targets at any cost or quit," Saxena wrote, according to an NDTV report. "I am very tense about the future. I have lost my ability to think. I am going."

He also alleged that he and his colleagues were made to pay the EMIs they could not recover and although he had repeatedly tried to highlight the problems faced in recovery to his seniors, but they were not open to feedback.