Chennai: Campus recruits, whose offers were denied by L&T Infotech Limited last year, have started a campaign on Monday at DLF IT Park to boycott the company's initial public offering (IPO).
Claiming that the company suffers gross internal crisis, the protestors sensitized investors and general public about the 'risk' factors. Alleging that the software firm had been threatening the recruits, the protestors who had covered their faces, to save identity told DC that the attrition rate has been increasing by over 4 per cent in L&T Infotech since 2012.
“The rate, which was at 12 per cent in 2012 has escalated to 18.5 per cent. As the company operations would be affected if the rate reaches 25 per cent, the company had recruited over 5,800 professionals of which 1,000 were denied jobs citing lame reasons,” said Alagunambi Welkin, president of Knowledge Professionals forum.
The forum, which is helping out the professionals in obtaining justice, has organised a demonstration at Sholinganallur during May. “Increase in attrition rate indicate internal crisis,” said Welkin. It could be noted that L&T Infotech, after being denied twice by Securities and Exchange Board of India (SEBI) had obtained a clearance for an IPO of 1,200 crore from the regulating authority.
Students, who protested two months ago, had allegedly faced threat from company officials.
