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Context:

I would like to congratulate all the students for being placed in XYZ company.

My question is that why "being" has been used in the sentence as "being" is used for present continuous passive. I think this sentence mean that the "students are being placed" but this is not possible because the placement process is already finished.

What is the meaning of this kind of context? Is that grammatically right?

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    The reason is that a preposition takes a gerund or a noun phrase complement. – user178049 May 30 '17 at 18:13
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This is not the present continuous, but rather a gerund phrase which acts (more or less) like a noun. Example:

I would like to congratulate the students on their perfect haircuts (ordinary noun)

I would like to congratulate the students on having perfect haircuts (gerund phrase which acts like a noun)

Gerunds and gerund phrases are pretty common in English, so you should become familiar with this grammar. Other examples:

Her hobbies are playing the piano and horseback riding, when she isn't saving the world from evil.

He plans on going to the game tonight.

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