"The manpower optimisation initiatives which have been implemented across the group have cumulatively resulted in head count decrease of 43 per cent between October 1, 2018, and June 30, 2019, leading to a saving of nearly 47 per cent in the annualised wage bill," it said.
As per the fourth progress report submitted earlier to the tribunal, the new board headed by Uday Kotak had conceptualised manpower optimisation measures for the infrastructure lending major in two phases.
"Phase-I contemplates on initiatives on salary rationalisation of employees, separation of superannuated consultants, and phase-II initiatives include talent restructuring, amalgamation of roles and responsibilities etc," said the affidavit quoting the fourth report.
As per the fourth report, phase-I of "manpower optimisation" measures have been completed for four verticals of the group.
The latest progress report says that the board has identified redundant roles and functions in respect of eight more verticals or entities, including ILiamp;FS, ITNL, IFIN, ILiamp;FS Energy Development Company and ILiamp;FS Engineering and Construction Company Ltd (IECCL).
"The approach used for rationalisation of manpower in these entities involved undertaking an assessment of viability and continuation of projects being undertaken by these business verticals," said the fifth progress report.
In the case of IECCL, the manpower on the rolls of the company has reduced by 57 per cent from October 2018 to June 2019, leading to a reduction of the wage bill by 58 per cent. Apart from the manpower on the rolls, cost of contract staff at IECCL has reduced by 90 during the period, the report added.
The ILiamp;FS board has also started the Phase-II of the initiative in the four entities which have completed the first phase.