IITs ban over 20 companies from placement for rescinding offers last minute

As the placement season commenced across major Indian Institutes of Technology on Monday, over 20 companies faced a ban from participating in campus placements this year, as per a report. The move comes after these firms rescinded job offers previously made to students, including some revocations as late as June or July, at the point of joining.

Many IITs have policies preventing students with existing offers from attending further interviews, so late withdrawals by employers jeopardised not only career prospects but also affected students' mental well-being.

According to a report in Times of India, the decision to ban these companies was made unanimously across the IITs for the current placement cycle. Despite the time lapse, IITs attempted to assist the affected students.

The list of banned companies was finalised after multiple instances of revoked offers across several IITs. Some affected firms operate in data analytics and software sectors.

Although barred from campus placements, these companies may still recruit students through off-campus processes, the report added.

A student told the daily that he was hired by a trading platform for an offer of nearly Rs 30 lakh but the offer was rescinded two days before he was scheduled to join. He said he was not alone in this, as some of his friends saw their offers getting revoked too.

An IIT professor involved in the placement process said, "We looked at their past records too. Some of these companies had a history of revoking offers and six to seven IITs had already banned them from participation.” The professor said that some of the companies reduced salary packages that were offered in the letter.

The placement cells are trying to discuss the issue with higher authorities in these companies. Meanwhile, IITs this time are focussing more on start-ups promoted by the Centre under the Viksit Bharat programme.