There were reports in India yesterday our time, that up to 50 executives at MSD India, or the New Merck Indian subsidiary, were quitting rather than relocating to Mumbai. I thought it unimportant, as I just assumed it was a spin, on a planned reduction of the legacy Schering-Plough people there.
This morning though, at least one version (in The Economic Times) of the story from Mumbai has it that some of the 50 were let go for compliance violations:
. . . .a few were asked to leave for allegedly violating compliance norms, two industry officials familiar with the development said.
MSD relocated its head office to Mumbai following Merck’s global acquisition of Schering Plough in a $41-billion deal in March last year. . . .
Let's see where this one goes, but I now wonder whether the young Merck executive's weekend bluster, on and in India, was intended to blunt coverage of these apparently compliance issue-related sackings.
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A later version of the story, from The Economic Times website now identifies the number of executives fired as four or five -- and claims the severed executives were violating MSD policy in the way they promoted company product:
. . . .MSD currently has around 75 people working at Gurgaon office after the relocation , with a total workforce of around 1,800 across the three entities. Two executives, speaking on the condition of anonymity, said the Indian arm of the world’s second-largest drugmaker also asked 4-5 mid-level executives to leave for promoting a company’s product in violation of the firm’s compliance norms. . . .
Interesting. Namaste
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