Vishal Garg: “Totally false and heartless. India Inc Denounces Vishal Garg For Laying Off 900 Employees At Zoom Meeting, Calls For “Compassion And Dignity In The Workplace”

Indian business leaders dissatisfied with news of New York-based mortgage lender laying off more than 900 employees in Zoom call just days after the company received $ 750 million in funding .

Edelweiss Mutual Fund CEO Radhika Gupta expressed shock at the report on Wednesday, while Harsh Goenka, chairman of RPG Enterprises, chairman of such incidents gives companies the label “heartless.”

Last week, CEO Vishal Garg handed out pink slips to a group of more than 900 employees at his company in a zoom call that lasted just three minutes. It happened just before the holiday season.

The news sent shockwaves across the internet, with many calling the boss insensitive for laying off his staff without a prior warm-up just as the holiday season was underway.

Businesswoman Gupta, Managing Director and CEO of Edelweiss MF, criticized the CEO, saying “no growth is worth this human cost”.

“A company that just got $ 750 million in funding and is going to have to lay off 900 people over the holiday season like that?”

No growth is worth this human cost, ”she wrote on Twitter, where she has more than 127,000 followers.

Gupta added that it is time for companies to value compassion and dignity in the workplace, among other things.

“It’s time we put as much emphasis on compassion and dignity in the workplace as we do on assessments,” she said.

The short video clip that showed infamous CEO Garg laying off his 900 employees during a Zoom call was uploaded to Twitter by an Axis employee. The video quickly went viral and began to tour the internet.

The chairman of Indian conglomerate RPG Group, Harsh Goenka, also reacted to the viral video and called the dismissal “totally bogus”.

The boss said the CEO should have done it one-on-one with the employees instead of firing the staff during a three-minute Zoom call, Goenka also expressed his sadness for those who were made redundant.

“My heart went out to the 900 dismissed employees via Zoom by Vishal Garg. Totally wrong! Do it individually. And in person,” Goenka wrote on Twitter.

He also said the CEO shouldn’t have laid off staff just before Christman and especially after their recent $ 750 million infusion. “And not before Christmas and after a recent infusion of $ 750 million. This is how companies get a heartless label!” he added.

In the short clip, Garg tells his employees that they were part of the “unlucky bunch” that were being laid off.

“This isn’t news you’re going to want to hear… If you’re on this call, you’re part of the unlucky group that is being laid off. Your job here is being terminated with immediate effect,” he said. , adding that this is the second time he has found himself in this situation in his entire career.

According to, Garg’s mortgage company received a $ 750 million injection just days ago.

The company is backed by SoftBank and is currently valued at $ 7 billion, according to the report.


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