Paytm employees cry foul; A transmen football team breaking stereotypes

Hello,

Hyundai Motor’s India unit is speeding towards Indian bourses.

Reuters reported that the automaker aims to raise around $2.5-$3 billion at a valuation of up to $30 billion, in what could be India’s biggest IPO, and will see its South Korean parent sell a stake of up to 17.5% in the company. 

In fact, the IPO will make it the country's first carmaker to go public in two decades since Maruti Suzuki in 2003 and would come just as Indian stock markets are trading near record highs.

Oh, and here’s a recap of all the biggest IPOs in India in recent times.

Meanwhile, Wells Fargo disclosed that it let go of over a dozen employees for “simulation of keyboard activity,” after a review of allegations that they created an “impression of active work.”

In other words, they were faking work, perhaps with a kind of mouse jiggler, which keeps your screen active and moves your cursor in a convincingly random way. 

Elsewhere, Edward Snowden has a message for ChatGPT users. “Do not ever trust OpenAI or its products.” 

The former NSA employee and whistleblower is not happy with OpenAI’s recent appointment of a former director of the US National Security Agency to its board’s new safety and security committee.

Lastly, Taylor Swift is now influencing the Bank of England’s rate cuts.

We do live in interesting times!

In today’s newsletter, we will talk about 

• Paytm employees cry foul
• A transmen football team breaking stereotypes
• The rise of simple stories in Indian cinema

Here’s your trivia for today: What colour is pure caffeine?

Fintech

Paytm employees cry foul

Several Paytm employees, speaking to YourStory on condition of anonymity, have alleged that the fintech is forcing them to resign—instead of terminating them—in a bid to avoid employment obligations and negative publicity.

They claim that HR personnel, through video chats and in-person meetings, informed them that their services were no longer needed and that they should resign from their jobs. However, Paytm has refuted all claims.

Key takeaways:

• Some employees, suspecting that the HR calls would likely affect their employment, discreetly recorded these video chats. YourStory has seen two such recorded calls in which HR personnel are demanding that the employee (in the call) resign on their own.
• Paytm allegedly told an employee that it would claw back bonuses, or deduct them from the two months of pay during the notice period, and other components of his full and final settlement, which he was offered as part of the resignation.
• On June 10, it was reported that Paytm had handed out pink slips in the last quarter of FY24, reducing the company’s sales employee headcount by about 3,500 quarter-on-quarter. 

Sports

A transmen football team breaking stereotypes

Jen and Yaiphabi are members of the transmen football team in Manipur. Being a part of the team has allowed them to embrace their identity more confidently. 

India’s inaugural 15-member all-transmen football team is formed by Ya_All, a UN-recognised LGBTQI+ youth-led organisation in Imphal, which organises Queer Games in the pride month for the LGBTQI community every year.

Inclusivity:

• Ya_All promotes LGBTQIA+ inclusion in India through sports, mental health initiatives, and advocacy. It offers free services for young people, including those from LGBTQI+ communities, people living with HIV, and those with psychosocial disabilities.
• In 2020, the organisation formally introduced the first all-transgender team. Initially, it included other sports but now it focuses on football alone.
• The team actively competes against other schools and local organisations. It doesn’t have a coach as most players are certified trainers who share their expertise and lead practice sessions collaboratively.

Entertainment

The rise of simple stories in Indian cinema

In a watchlist typically teeming with high-octane blockbusters, A-list starrers and sprawling fantasy epics, Indian audiences seem to have acquired a taste for surprising simplicity in storytelling. Films like Premalu and Laapataa Ladies have been captivating audiences for weeks, proving that the most powerful narratives are sometimes the most predictable. 

But what exactly makes these uncomplicated stories resonate so deeply with viewers today? 

Changing times:

• In the race to bring a plot that’s fresh and unexpected to viewers, simple narratives often tend to be overlooked. These films strip away the noise and distractions of modern life, focusing instead on the universal themes of love, connection, and human emotions.
• Premalu and Laapataa Ladies prove that compelling stories don't need grandiose settings or intricate plots; sometimes, the most powerful narratives are the simplest ones.
• The resurgence of simple stories, whether love stories or friendship-driven narratives, reminds us of a fundamental truth about storytelling—at its core, great cinema is about evoking emotion and connecting with the audience.

News & updates

• Failed plan: Meta will pause plans to start training its AI systems using data from its users in the EU and the UK. The move follows pushback from the Irish Data Protection Commission, Meta’s lead regulator in the EU, which is acting on behalf of several data protection authorities across the bloc. 
• For-profit: OpenAI CEO Sam Altman told some shareholders that the company is considering changing its governance structure to a for-profit business that the firm's nonprofit board doesn't control. The restructuring discussions are fluid, and Altman and his fellow directors could ultimately decide to take a different approach.
• Searching life: Enceladus, one of 146 moons that orbit Saturn, has become a hot astronomical attraction—scientists have discovered that it offers one of the best prospects of finding life on another world in our solar system. The discovery of water on Enceladus excited the scientific world, and by 2040, a robot probe will investigate if we are alone in the universe.

What colour is pure caffeine?

Answer: White.

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