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khaitanco.com

Founded Year

1911

About Khaitan & Co.

Khaitan is a legal services company based out of Mumbai, India.

Khaitan & Co. Headquarters Location

One World Centre, 10th & 13th Floor, Tower 1C 841 Senapati Bapat Marg

Mumbai, 400 013,

India

+91 22 6636 5000

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Latest Khaitan & Co. News

IT firms seek legal help on moonlighting; Reliance shelves JioMarket plan

Sep 28, 2022

Want this newsletter delivered to your inbox? SUBSCRIBE Thank you for subscribing to Morning Dispatch We'll soon meet in your inbox. Moonlighting has sparked off a heated debate in India Inc, with top honchos coming out on different sides. Days after Wipro fired 300 workers for moonlighting, IT firms are now reaching out to legal experts to help to re-evaluate and redraft existing employment contracts. A consultant told us that the potential challenges around moonlighting will create the need for companies to ensure contracts are more watertight and clear boundaries laid down. Also in this letter: ■ Freshers turn jittery as IT majors delay onboarding ■ IT companies in a spot as metaverse clients shift goalposts IT firms reach out for legal help to address moonlighting IT firms are reaching out to legal experts to tackle the major headache brought about by Covid-19 pandemic – moonlighting. The furore around moonlighting is now pushing companies, led by IT/ITeS and technology players, to seek legal help to re-evaluate and redraft existing employment contracts. Details: A bunch of law firms that we spoke to, including Khaitan & Co, AZB & Partners, A&P Partners and Sarvaank Associates, said they have been seeing a sharp jump in companies reaching out to them for help in redrafting employment agreements, figuring out loopholes, making contracts more robust, enforcing restrictions, or even enabling moonlighting with necessary checks and balances. Quote Unquote: “The moot point is to specify that exclusivity of employment relationship and confidentiality obligations would not be limited to work hours but for the entire service tenure. Any actions that conflict with such obligations would warrant disciplinary action against that employee,” said Anshul Prakash, partner, employment labour & benefits at Khaitan & Co. Watertight contract: A consultant told us that the potential challenges around moonlighting will create the need for companies to ensure contracts are more watertight and clear boundaries laid down. “This is a classical friction as employee expectations and technology moves faster than regulation,” he said. Relaxed stance: Meanwhile some companies are asking law firms to re-examine contracts in a way that their interests are protected while giving employees some flexibility as well. Veena Gopalakrishnan, partner, employment law, at AZB & Partners, said the term ‘moonlighting’ inherently has a connotation of clandestineness associated with it and clients are looking to address that. The focus is therefore on ensuring that the restrictions are clearly spelt out and appropriately enforced, while allowing flexibility with the necessary checks and balances. Reliance shelves ecommerce marketplace plan for third-party sellers Reliance Industries has shelved its plan to have a separate ecommerce marketplace for third-party sellers and, instead, integrated thousands of independent sellers into its existing platform JioMart, two senior executives told us. Full-fledged marketplace: The Mukesh Ambani-led company is now building JioMart as a full-fledged marketplace with presence across categories to take on market leaders Amazon and Flipkart, they added. The company was building JioMarket as a separate entity for third-party sellers to comply with the draft ecommerce policy which prohibit marketplace operators from having related parties or associated enterprises as sellers on their platforms. JioMarket was expected to go live before this Diwali. Catch up quick: JioMart has already onboarded more than 15,000 third-party independent sellers and direct-to-consumer (D2C) brands that Reliance Retail had roped over the last 3-4 months for JioMarket, whereby total assortment on the platform has gone up 80 times as compared to last year's Diwali. Festival sale: JioMart has started a month-long festive sale, running discounts matching those of Amazon and Flipkart with some undertaken by the third-party sellers and D2C brands. Freshers jittery as IT majors delay onboarding Freshers are unsettled with the delayed onboarding by India’s top software exporters. After aggressive talent acquisition in the previous fiscal, when giants like Tata Consultancy Services and Infosys hired 1,00,000 and 85,000 people, respectively, and Wipro and HCL Tech hired 19,000 and 23,000 engineers, this year the four IT companies are expected to hire a total of 1,55,000 freshers by March 2023, making it a reduction of over 30%. Delayed onboarding: On Saturday, IT labour union Nascent Information Technology Employees Senate (NITES) shot off a missive to the central labour ministry seeking immediate action on what it termed as “the onboarding delay of 2,000 freshers at Wipro.” Additionally, #wiproonboardus2022 has been trending on Twitter over the past few days. Twenty-two-year-old Gurjeet told us that he received an offer letter from a top software exporter in March with an annual salary Rs 3.5 lakh, subsequently he was asked to undergo a three-month training programme and his offer was hiked to Rs 6.5 lakh per annum. “I got my upgraded offer letter in August. But there is no update on my joining date yet. I let go of ( other) offers,” the BTech graduate from Chattisgarh said. He is one of thousands of fresh engineers battling uncertainty as prospective employers temporarily hold back on firm joining date. "Will honour all offers": Wipro spokesperson said that the company "will honour all offer letters that have been made to deserving candidates in a phased manner", while HCL Tech said there was no delay in onboarding freshers and that it is progressing as per timelines. Terming it as a "normal year for TCS," a spokesperson for TCS said the company, "will honour all offers made as part of our campus hiring." Metaverse clients seek better RoI visibility, shorter turnaround times Reduced funding and higher cost pressure are on the cards for Metaverse projects as global tech clients cut down on discretionary spends due to a steep rise in expenses, analysts said. Consumer-facing Metaverse projects have not yet been impacted, but internal or non-urgent ones are witnessing a freeze, they added. Metaverse, who? Metaverse refers to a collection of shared online worlds in which physical, augmented, and virtual reality converge. People can hang out with friends, work, visit places, buy goods and services, and attend events in this virtual world. Over the past couple of years, leading IT firms have invested in creating Metaverse ecosystems within their organisations, like XR Labs of Tata Consultancy Services (TCS), Tech Mahindra’s TechMVerse or Infosys’ Metaverse Foundry, to tap into growing demand. Riders: A lack of visibility around large-scale adoption and Return on Investment (RoI) means this segment may take a hit until the macroeconomic scenario stabilises, experts said. Clients are also seeking shorter turnaround times for such projects, Rajesh Dhuddu, global head, blockchain and metaverse practice, Tech Mahindra told us. The conversation is increasingly veering towards RoI visibility, he added. Data says: As per data from IT market intelligence firm UnearthInsight, companies are favouring Metaverse spends with a direct consumer outreach. “There has been a 50-60% dip in spending on internal facing metaverse use cases like HR processes or finance management solutions. Tech clients have also reduced spending on use cases that involve building multiple metaverses as they have realised these initiatives depend heavily on consumer adoption,” said UnearthInsight chief executive Gaurav Vasu. TWEET OF THE DAY

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  • When was Khaitan & Co. founded?

    Khaitan & Co. was founded in 1911.

  • Where is Khaitan & Co.'s headquarters?

    Khaitan & Co.'s headquarters is located at One World Centre, 10th & 13th Floor, Tower 1C, Mumbai.

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