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A year-long-ban imposed on at least 30 startups from taking part in placement process in Indian Institutes of Technology (IITs) has n0t deterred them for scouting top talent from the premier institute. These banned startups are still looking forward to rope in fresh graduates from IITs. 
 Many companies were blacklisted by the All <keyword id="6354859" type="COMPANY" weightage="20" keywordseo="IIT">IIT</keyword> Placement Committee (<keyword id="3378863" type="UNKNOWN" weightage="20" keywordseo="AIPC">AIPC</keyword>) and they weren’t allowed to take part in the campus placement process because of delayed joining dates. Some startups had even cancelled offer letters. 
 "It was unfair to ban us without issuing any warning. This ban will not prevent us from taking top talent from the IITs,” <keyword id="1845257" type="UNKNOWN" weightage="20" keywordseo="Jasminder-Singh-Gulati">Jasminder Singh Gulati</keyword>, chief executive of <keyword id="1845256" type="COMPANY" weightage="20" keywordseo="NowFloats">NowFloats</keyword>, told ET. 
 NewFloats is still planning on <keyword id="6357342" type="PERSON" weightage="20" keywordseo="Hiring">hiring</keyword> fresh talent from IITs. 
 
 "Startups like ours need premier engineering talent to thrive in the competition and even the IIT students are looking forward to join startups like ours. Students from the IITs are reaching out to us in any case despite the official ban.” <keyword id="3746380" type="UNKNOWN" weightage="20" keywordseo="vinay-dalal">Vinay Dalal</keyword>, director of <keyword id="3598980" type="UNKNOWN" weightage="20" keywordseo="Mera-Hunar">Mera Hunar</keyword>, told ET. 
 
Dalal also said that famous and big startups were given a chance to explain and smaller ones weren’t. 
 "This year, we are looking at lateral hires as we have a few positions open that need experience too.” <keyword id="3085588" type="UNKNOWN" weightage="20" keywordseo="Vir-Kashyap">Vir Kashyap</keyword>, chief operating officer at Babajobs, told ET. 
 
However, AIPC will not revoke the ban most probably. "We are just protecting students' welfare. Companies have no right behaving unprofessionally with students,” a spokesperson for AIPC told ET.

Startups that were banned from placement process are still planning to hire IITians

IIT Bombay has blacklisted nine organizations from its upcoming placement season, the establishment said in an announcement today. The organizations banned from grounds for a year incorporate LeGarde Burnett Group; GPSK; Johnson Electric, China; <keyword id="2106749" type="UNKNOWN" weightage="100" keywordseo="Portea">Portea</keyword> Medical; Peppertap; LexInnova; Mera Hunar; <keyword id="3597213" type="UNKNOWN" weightage="60" keywordseo="cashcare-technologies">Cashcare Technologies</keyword> and Indus Insights. 
 The explanations behind boycotting incorporate everything from disavowing of offers as on account of GPSK, Portea Medical, <keyword id="2809732" type="UNKNOWN" weightage="100" keywordseo="PepperTap">Peppertap</keyword> and Cashcare Technologies to a deferral in joining dates as with Indus Insights and Lex Innova. LeGarde Burnett Group repudiated offers as well as the organization was observed to be fake with no legitimate office address while Mera Hunar accompanied an alternate name and employed understudies for another <keyword id="138263" type="UNKNOWN" weightage="20" keywordseo="startup">startup</keyword>. 
 
Since choices on boycotting are taken by the All-IITs Placement Committee (AIPC), and normally stuck to by all IITs, it is likely that the boycotting remains constant at the other more seasoned IITs too. 
 Infact, the consolidated rundown of blacklisted organizations at the IITs is liable to far surpass 9. Blacklisted startups alone are required to be more than 20. “These 9 are companies that had created issues at IIT Bombay," said <keyword id="3597214" type="UNKNOWN" weightage="20" keywordseo="shreyash-gupta">Shreyash Gupta</keyword>, placement manager at IIT Bombay 
 Strangely, regardless of postponing offers, <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> does not include among the rundown of blacklisted organizations. After a go ahead with the IITs, the ecommerce major had offered to arrange internships for affected students as a stopgap measure.

Portea and
Peppertap join 9 companies blacklisted by IIT Bombay

The Congress on Wednesday said the <keyword id="19900449" type="General" weightage="20" keywordseo="government" source="keywords">government</keyword>'s proposal of giving individuals the option to choose between two tax rates for long-term capital gains (<keyword id="6357448" type="General" weightage="20" keywordseo="LTCG" source="Orion">LTCG</keyword>) tax on properties is not enough. It should also allow <keyword id="21006654" type="General" weightage="100" keywordseo="indexation-benefits" source="keywords">indexation benefits</keyword> for other forms of <keyword id="20044873" type="General" weightage="20" keywordseo="savings" source="keywords">savings</keyword> such as <keyword id="19905382" type="General" weightage="20" keywordseo="stocks" source="keywords">stocks</keyword> and <keyword id="19975805" type="General" weightage="20" keywordseo="fixed-deposits" source="keywords">fixed deposits</keyword>. Professionals' Congress Chairman Praveen Chakravarty accused the government of "betraying" the middle and salaried class in the Union Budget through the removal of indexation and higher taxes on their savings and <keyword id="22703183" type="General" weightage="20" keywordseo="investment-gains" source="keywords">investment gains</keyword>. "On 23rd July, Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> presented the government's budget in Parliament. We welcomed certain aspects but we strongly opposed many parts of the budget. We welcomed the fact that the FM took some ideas from the Congress party's manifesto such as the employment linked incentive (ELI) scheme, the Apprenticeship Act and removing Angel tax," Chakravarty said at a press conference at the AICC headquarters here. Among other things, we strongly opposed what the finance did to the middle class and salaried professionals, he said. Leader of the Opposition Rahul Gandhi in his response to the Budget in Parliament categorically said that this was a "betrayal of the middle class" through removal of indexation and higher taxes on their savings and investment gains, Chakravarty pointed out. "He (Gandhi) had promised to fight for the middle class on this issue. This issue affected nearly 7 crore Indians who filed income taxes, owned or aspire to own a home and invest their savings. In this budget, effectively, through removal of indexation and increase in capital gains taxes, the taxes of salaried professionals through investment gains went up dramatically," he said. Already, the middle class and the salaried professionals are bearing the brunt of taxation under the Modi government because for the first time in India, total income taxes paid by middle class individuals are higher than taxes paid by rich corporates, Chakravarty said. There were huge protests on social media and in business events in cities like Mumbai where professionals came out spontaneously to protest, he said. Chakravarty said the <keyword id="22703184" type="General" weightage="20" keywordseo="All-India-Professionals-Congress" source="keywords" meta.keywordsubtype="org" meta.entityname="All India Professionals' Congress" meta.hostid="261" meta.entityid="All India Professionals' Congress">All India Professionals' Congress</keyword> and the Congress Party launched a campaign to 'Bring Back Indexation' with a petition asking people to sign it. "We had nearly 12,000 people who signed the petition in just one day since its launch. Yesterday, the government of India announced a rollback of indexation of property gains by giving individuals the option to continue with indexation benefits. We welcome this. This is a victory to the 7 crore people that file income tax," he said. "But this is not enough. We urge the government to allow indexation benefits for other forms of savings too such as stocks, debt, fixed deposits and so on," Chakravarty asserted. More importantly, this is a testament to middle class power and the power of democracy, he said. "When professionals come together and raise their voice, it will be heard. This is also proof of what a strong Opposition and a concerted and united effort can achieve for the people of India. The AIPC will continue to raise issues that impact the middle class working professionals," Chakravarty said. His remarks come a day after the government proposed significant relief for individuals who bought houses before July 23, 2024, by giving them the option to choose between two tax rates for long-term capital gains (LTCG) tax. The Budget 2024-25 had proposed to lower the LTCG from 20% to 12.5% but removed the indexation benefits. The new rates have come into effect from July 23, 2024. The indexation benefit allowed the taxpayers to compute gains arising out of the sale of capital assets after adjusting for inflation. The tax experts had said that the proposed changes in the Budget would raise the LTCG tax burden. As per the amendments to Finance Bill, 2024, circulated to the Lok Sabha members on Tuesday, individuals or HuF who bought houses before July 23, 2024, can compute his/her taxes under the new scheme (@12.5% without indexation) and old scheme (@20% with indexation) and pay such tax which is lower of the two. After the Budget presentation, the Income Tax department said that 'substantial tax savings' are expected for a vast majority of taxpayers due to a reduction in the long-term capital gains tax (LTCG) rate in the real estate sector. As per the changes brought in the 2024-25 Budget, the government has retained the indexation benefit for the taxpayers on properties bought or inherited before 2001.

Allow indexation benefits for savings such as stocks, fixed deposits: Cong to govt

Indian e-commerce giant <a href="http://www.businessinsider.in/searchresult.cms?query=flipkart&amp;sortorder=effectivedate">Flipkart’s</a> decision to defer joining dates of <a href="http://www.businessinsider.in/searchresult.cms?query=IIM-A&amp;sortorder=effectivedate">IIM-A</a> recruits is going to cost the marketplace dearly. Now, the Indian Institutes of Technology (IITs) may take away 'Day One' status in campus placements from <keyword id="6354742" type="COMPANY" weightage="100" keywordseo="Flipkart">Flipkart</keyword>. 
 
Reportedly, Flipkart won’t be the first one to hire at IITs and may be stripped of Day One slot. 
 
READ ALSO: <a href="http://www.businessinsider.in/Readthe-Curt-email-IIM-A-sent-Flipkart-about-bad-hiring-policies/articleshow/52431557.cms">Read the Curt email IIM-A sent Flipkart about bad hiring policies</a> 
 
The All-IITs Placement Committee (AIPC), comprising placement cell heads across all IITs, is scheduled to meet next week to take a final decision. 
 
"Flipkart's Day One slot at IITs will be affected for sure. Our next AIPC meeting was scheduled for October, but we are planning to have a video conference in the next few days to decide on how to sort out the problem," an AIPC member told ET. 
 
The ‘Day One’ slot in IITs is generally reserved for the most reputed companies such as Google and Microsoft. 
 
READ ALSO: <a href="http://www.businessinsider.in/Flipkart-calls-deferring-joining-dates-of-campus-recruits-a-tough-decision-but-necessary/articleshow/52437180.cms">Flipkart calls deferring joining dates of campus recruits "a tough decision but necessary"</a> 
 
Before the crosshairs, Flipkart got the ‘Day One’ slot at majority of the IITs. 
 
"We had been kept in the dark till just a few days ago. Now it means forced unemployment for six months for students who've been hired by Flipkart," a peeved IIT-Bombay student told ET. 
 
"We are looking to rethink our strategy about this entire space as a whole. We are seeing more interest in big MNCs and more stable companies," the placement chairperson of an older IIT to ET. 
 
Apart from IITs, other business schools may also take a tough stand on Flipkart. 
 
"The decision to defer joining for 6 months has been taken after due evaluation of all possibilities and keeping in mind the timelines to complete the organisational restructuring at Flipkart. We are committed and absolutely confident of having all our trainees on board in December 2016," Flipkart had clarified.

Flipkart won’t be among the first ones to hire at IITs, may lose privilege after fallout with IIM-A

Indian Institutes of Technology (IITs) invited around 80 PSUs for its placement season and very few turned up, leaving many worried. 
 
The IITs that have so far received about five confirmations from the PSUs are IIT-Kharagpur, IIT-Madras and IIT-Roorkee. 
 "The <keyword id="44530" type="COMPANY" weightage="20" keywordseo="PSU">PSU</keyword> lineup this year after lifting of the ban is not on expected lines. But we hope the numbers will rise in the coming days," a representative from the placement cell at <keyword id="6355690" type="CITY" weightage="20" keywordseo="IIT-Bombay">IIT-Bombay</keyword> told ET. 
 
“At IITs, most of the companies give instant offers to students. Once students get offers and they accept them, they cannot be allowed to participate in other interviews. Though some like Coal India do give instant offers during the campus process, others have to follow a set format, which takes time. We are in regular talks with them and hope the numbers will go up by the month end," A placement representative from an older IIT told ET. 
 Meanwhile, the <keyword id="3572286" type="UNKNOWN" weightage="20" keywordseo="all-india-placement-committee">All-India Placement Committee</keyword> (AIPC) is in talks with several government organizations. "So far, most of us have received confirmation from two to three PSUs. They are keen on recruiting from our campuses, but we do not know what is taking time. We were really looking forward to having them in the first phase of the placement process so the best of the students get an opportunity to get employed with government organisations," a professor at AIPC told ET. BHEL and BEL have registered at some of the IITs so far. 
 
PSUs were in great demand in IITs before a public interest litigation was filed in 2011 against the campus recruitment process. The petition cited that the PSUs recruiting directly from campuses defies the public employment policy and that they cannot disregard job notifications.

Worrisome? IITs receive lukewarm response from PSUs during placements

After it was recently found out that <keyword id="6354859" type="COMPANY" weightage="60" keywordseo="IIT">IIT</keyword> students were feeling extremely stressed out during their annual placements, the <keyword id="4287772" type="UNKNOWN" weightage="60" keywordseo="all-india-placement-committee-of-iits">All-India Placement Committee of IITs</keyword> has decided to reduce the number of firms visiting campuses on the first few days. 
 
As per the decision taken in the meeting, placements by companies visiting IITs on the first 4-5 days will be extended by two days to ensure that students are not forced to appear for multiple interviews. As of now, each student probably has five to six interviews a day." 
 
The new guideline, however, may apply to only the older, established IITs like IIT-Bombay, Madras and Delhi. These institutes see at least 35-40 companies visiting the campus during the first five days. 
 With the new strategy, students are likely will get time in between interviews and tests. The second meeting of the AIPC is likely to be held in April, with the <keyword id="2946798" type="UNKNOWN" weightage="20" keywordseo="Older-IITs">older IITs</keyword> to finalise the policy. 
 
In view of this move, IITs planning to start placements from September 1 have rejected the timing. A new date shall be announced soon.

IITs decide a change of strategy after students found "severely stressed" during first few days of placements

<a href="http://www.businessinsider.in/searchresult.cms?query=IITs&amp;sortorder=effectivedate">Indian Institutes of Technology</a> (<keyword id="49737" type="COMPANY" weightage="20" keywordseo="IITs">IITs</keyword>) are going to convene a meeting to decide the future course of action for e-<a href="http://www.businessinsider.in/searchresult.cms?query=ecommerce&amp;sortorder=effectivedate">commerce</a> companies and <a href="http://www.businessinsider.in/searchresult.cms?query=startups&amp;sortorder=effectivedate">startups</a> during placement season. 
 
After the IIM-A and <a href="http://www.businessinsider.in/searchresult.cms?query=flipkart&amp;sortorder=effectivedate">Flipkart</a> fiasco, heads of placement committees across all IITs are going to build a strategy for startups and decide what slots will be given to them and they will also decide on which startups to call. 
 
READ ALSO: <a href="http://www.businessinsider.in/Flipkart-calls-deferring-joining-dates-of-campus-recruits-a-tough-decision-but-necessary/articleshow/52437180.cms">Flipkart calls deferring joining dates of campus recruits "a tough decision but necessary"</a> 
 
"Our AIPC (all-IITs placement committee) meeting was scheduled for October. But we have to convene this out-of-turn meeting in light of recent developments," Professor Kaustabha Mohanty, convenor of the panel, told ET. 
 After <keyword id="6354742" type="COMPANY" weightage="100" keywordseo="Flipkart">Flipkart</keyword>, many startups such as PepperTap, Home Shopping, <keyword id="3354183" type="UNKNOWN" weightage="20" keywordseo="Runnr">Runnr</keyword>, Zimply, etc also deferred the joining dates of the recruits. 
 
"Flipkart is a bellwether client of the current era of ecommerce companies. What Hindustan Unilever is to FMCG and what Infosys was to IT services, Flipkart is to ecommerce. I do believe the brand is already affected by this furore. What's worse is that it is not Flipkart alone, but the entire industry of ecommerce and the startup world that bears the brunt of this image drubbing. It's temporary for sure and life will go on, but the scar is left behind for sure," Brand strategy expert Harish Bijoor, CEO of Harish Bijoor Consults, told ET. 
 
Meanwhile, reportedly, IITs have asked new recruits to explore other options too. 
 
READ ALSO: <a href="http://www.businessinsider.in/Readthe-Curt-email-IIM-A-sent-Flipkart-about-bad-hiring-policies/articleshow/52431557.cms">Read the Curt email IIM-A sent Flipkart about bad hiring policies</a> 
 
(Image: Thinkstock)

IITs to decide on which startup to call and reject during placements amid Flipkart fiasco

31 firms are off the campus placement lists of IITs across the country for revoking job offers, and it’s not a surprise most of them are startups after all hell broke loose over the <a href="http://www.businessinsider.in/Flipkart-IIM-fallout-IITs-plan-safety-net-for-students-as-startups-go-back-on-their-promised-job-offers/articleshow/52478430.cms">Flipkart-IIM controversy</a> earlier this year. But, there is also an irony here - some of the blacklisted startups have been started by IIT alumni themselves. 
 The matter had been under review for a couple of months after these companies defaulted on their job offers and was discussed at a recent national-level conclave of all IITs in the country. Even as the All-IIT Placement Council, the centralized IIT recruitment body, had finalized the list on August 14, the complete list of those banned emerged only after <keyword id="61708" type="COMPANY" weightage="20" keywordseo="IIT-Bombay">IIT Bombay</keyword> revealed yesterday names of the 9 companies it had struck off its recruitment list. 25 of its students had been affected by these 9 firms in question. 
 Interestingly, <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword>, which had deferred joining dates last year, was not among the 9 blacklisted; the e-commerce giant will only be served a warning letter. 
 
This is the first instance of an IIT making public such a list — as mandated by the All-IIT Placement Council last week. Taking a cue from IIT-B, other IITs are expected to follow suit and announce their own lists of companies that have gone back on their placement commitments. 
 For now, all the 31 <keyword id="3392114" type="UNKNOWN" weightage="20" keywordseo="Blacklisted-companies">blacklisted companies</keyword> announced by AIPC will have to go through intense scrutiny before they are allowed to recruit students after the one-year embargo on them gets over. In the last placement season, around 140 IIT students were affected by these firms going back on their promise. 
 The placement body said it will be issuing a letter to Flipkart for revoking offers and delaying joining dates. It has also banned <keyword id="830092" type="COMPANY" weightage="20" keywordseo="Zomato">Zomato</keyword> from recruiting for another year. 
 
Take a look at the 31 companies and the reasons which landed them in the IIT net this year:

IITs bar 31 companies from recruiting their students, most of these firms are Startups

The reputed <keyword id="6386086" type="ORGANIZATION" weightage="100" keywordseo="Indian-Institutes-of-Technology">Indian Institutes of Technology</keyword> (IITs) have decided to keep a sharp eye on companies that ignore placement guidelines maintained by them. This step has come at a time when placement season, the war for talent at IITs, begins on Tuesday, and reportedly, some top rung companies are taking to off-campus placements. 
 Older IITs, which include the ones in Delhi, Bombay, Madras, Roorkee, Guwahati, Kharagpur, and Kanpur have decided to take a strict stand against any recruiter who would be found breaking the placement guidelines. All these institutes would be joining hands under the umbrella of <keyword id="3156694" type="UNKNOWN" weightage="100" keywordseo="All-IITs-Placement-Committee">All IITs Placement Committee</keyword> (AIPC). 
 
However, there is another concern for IITs, and a bigger one at that. Top recruiters are having an increasing tendency to follow an off-campus placement strategy, as per some placement officials. 
 "We are concerned as more and more companies like McKinsey, Google and Goldman Sachs are either completely or partially going off the campus," a professor at <keyword id="6354859" type="COMPANY" weightage="100" keywordseo="IIT">IIT</keyword> Madras placement cell told ET on the condition of anonymity. For now, Goldman Sachs and Google hire after conducting online tests through the placement cells at IIT. However, placement officials are afraid that the hiring would gradually shift online, which would nullify the role that placement cells play. 
 A student representative of IIT Kharagpur, however, said that most students still want to go to startups. Startups, on the other hand, have not had a smooth road in <keyword id="1473422" type="UNKNOWN" weightage="100" keywordseo="IIT-placements">IIT placements</keyword>. Zomato, for example, has been blacklisted from IIT campuses for one year, because Deepinder Goyal, its founder, had lashed out at the placement procedure after IIT Delhi denied his firm a Day 1 slot in last year's placement. 
 
<a href="http://www.thebetterindia.com/wp-content/uploads/2015/10/iit.jpg">Image source</a>

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